Carnival Group has acquired 100% equity in Elante Mall, Larsen & Toubro’s commercial real estate project in Chandigarh, for ₹17.85 billion (US$275 million). The stake was purchased from L&T Realty by Asian Business Connections, a Carnival Group company.
Elante is a mall, hotel and office space spread over 20 acres.
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The Mumbai-based Carnival Group operates diverse businesses in the hospitality, media, real estate, and entertainment sectors. It has been on an acquisition spree over the past 16 months purchasing assets such as Leela Infopark in Kerala for around ₹1.42 billion and the multiplex business division of Reliance Mediaworks for ₹7 billion.
Majmudar & Partners, led by partner Rukshad Davar, represented Asian Business Connections on the deal.
Viren Miskita, a partner at MT Miskita & Co, advised L&T Realty.
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