Excerpt from Firstpost
India's hospitality industry may be one of the heavily taxed sectors in the country, but that has not deterred global investors from looking at key properties in the country.
According to a media report, Brookfield Asset Management and GIC of Singapore are vying to buy 50 percent stake in Provenance Land that owns Four Seasons hotel and residences in Mumbai.
The deal is likely to value Provenance Land at over Rs 2,000 crore and could see Adarsh Jatia offloading between 26 percent and 49 percent stake, said a report in The Times of India.
Provenance Land has been constructing Four Seasons-branded ultra luxury residences at the 4.5 acre property located at Worli.
If the deal fructifies, the funds from the stake sale will be used for the company's plans to develop branded luxury homes and offices adjoining the Four Seasons hotel, the TOI report said.
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