Valor Estate Limited, formerly known as D B Realty Limited, said its wholly owned subsidiary Blue Crest Properties Private Limited, has been incorporated as the special purpose vehicle (SPV) to implement a project at Dona Paula in Goa. The company recalled that it had received a Letter of Award dated 18 March 2026 from the Government of Goa for development of an International Convention Centre, convention hotel and associated downstream facilities on a design, build, finance, operate and transfer basis. The SPV was required to furnish a performance bank guarantee and has deposited Rs 579 million (mn) with the authority in line with the award terms.

On 28 July 2026 the SPV executed the concession agreement with the Director, Department of Public Private Partnership, Government of Goa, formalising development timelines, revenue rights and concession terms. The concession agreement and the Letter of Award together will govern detailed rights and obligations of the parties during the concession period. The transaction documentation defines the project scope and downstream responsibilities that will guide implementation.

The company indicated that the project will be implemented on a DBFOT basis through the SPV and that the concession documents set out construction and operational milestones. Valor Estate said the project is material in nature and is expected to create significant long term value for the company and its shareholders. The board and management will monitor delivery against the agreed timelines and compliance with concession obligations.

This disclosure was submitted to the BSE and the National Stock Exchange in compliance with listing regulations to keep investors informed of material developments. The company secretary signed the filing on behalf of Valor Estate and recorded execution of the concession agreement on 28 July 2026. Stakeholders were advised that further details would be available in project filings and reports as the SPV proceeds with implementation.