Saboo Sodium Chloro Ltd - Associate Company Commences Mega Project

Saboo Sodium Chloro Limited, "SSCL", is pleased to announce that our associate firm Villashare Tech Private Limited, "VSTL", has commenced development work on a mega hospitality project in Jaipur, Rajasthan.

About Development

VSTL owns a land parcel of 11 bigha in Jaipur with commercial hotel approval. Plans have been submitted to construct a 5-star, 372 room mega-resort at the location. This project is the largest hotel development announced to-date in Jaipur - a major tourism destination in India.

Mudit Asthana Architects have been retained for providing architecture and design services. VSTL shall begin construction in Q1FY25 and end by H1FY27. A leading international chain will handle operations of the property, multiple discussions are ongoing for the same.

Financial Impact

SSCL holds 20% shareholding in VSTL. The mega-resort is expected to significantly increase both SSCL's consolidated revenues and profitability. SSCL's financial contribution towards the project is expected to be met through internal accruals. At an appropriate stage, and as per requirements, VSTL may independently raise debt or private equity towards the development, however, the project is envisaged to be constructed debt-free.

Business Update

This project by our associate company is in-line with our vision of excellence in the hospitality industry. We shall continue to provide ongoing updates on the progress of this project and other material information as per guidelines.

Shares of SABOO SODIUM CHLORO LTD. was last trading in BSE at Rs. 27.63 as compared to the previous close of Rs. 28.32. The total number of shares traded during the day was 46093 in over 184 trades.

The stock hit an intraday high of Rs. 29.27 and intraday low of 27.15. The net turnover during the day was Rs. 1283930.00.

Source : Equity Bulls

Keywords

SABOOSODIUMCHLORO INE440C01016 VillashareTech HospitalityProject Jaipur Rajasthan