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Velan Hotels Limited has signed an addendum to its asset sale agreement with J.P.Associates Asia Pacific Private Ltd. The total sale consideration for the hotel property located in Tirupur, Tamil Nadu amounts to Rs.37,17,14,968.
Velan Hotels' sale of its Tirupur property to J.P.Associates has been extended to June 15, 2026.
KEY POINTS
- An advance of Rs. 35.12 crore has already been paid by the buyer, excluding TDS.
- Velan Hotels used the advance to fully settle secured debts with RARE ARC, achieving debt-free status.
- The buyer, J.P.Associates, has no promoter or group company links, ensuring an arm's length transaction.
- The hotel property sold has generated no revenue since March 2020, highlighting a strategic divestment.
COMPANIES
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