UK's Malhotra group acquires 300-acre in Ludhiana

11 Aug 2023 CW Team

A delayed project in Punjab's Ludhiana was purchased by Malhotra Group PLC, a UK-based company with business interests in real estate, care homes, and leisure around the UK, for about Rs 150 crore.

The National Company Law Tribunal (NCLT) has accepted the resolution plan of Malhotra Group PLC after the committee of creditors voted in favor of it with regard to the 300-acre project by Emerald Lands (India) Private Limited.

The township, which will be developed by the corporation and comprise a hotel, health farm, school, golf course, villas, and flats, will cost between Rs 1,200 and Rs 1,500 crore in FDI.

"We had been operating in a similar manner in the UK, so when the chance arose to restart a stalled project in our hometown, we decided to submit a bid. We will increase our real estate presence in India and acquire other projects now that we have been given the project, according to Meenu Malhotra, the company's founder and chairman.

A total of 270 homeowners who had reserved the property roughly ten years prior will also profit from the decree.

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