Mohit Industries diversifies into Hotel Industry, to setup 5 star hotel in Surat

Mohit Industries Ltd has announced that the Company propose to diversify into Hotel Industry at a estimated investment of Rs 100.00 crore.

The Company have entered into a Memorandum of Understanding with Government of Gujarat at Vibrant Gujarat Global Investors' Summit, 2007. The Company have entered into agreement for purchase of land for the said project.

Memorandum of Understanding is made on this January 13, 2007 at Ahmedabad (Gujarat) during Vibrant Gujarat Global Investors' Summit 2007.

BetweenA Company incorporated under the Companies Act, 1956, having its Corporate Office at Majura Gate, Ring Road, Surat.

The Government of Gujarat (GOG) and Tourism Corporation of Gujarat Ltd (TCGL).

The Company wishes to establish the following project(s) in Gujarat.

Project: 5-Star Hotel

Location: Surat-Dumas Road

Proposed Investment (In Cr.): 100 crores

Employment: 500

Current Status of the Project: Land agreement stage

The Company intends to commence commercial operation by 2009 in the proposed projects.

In order to enable the Company to implement the above projects(s), GOG would facilitate the Company to obtain necessary permissions / registrations from concerned departments of the State and Central Government and would also help to avail incentives under various schemes announced by the State / Central Government, wherever applicable.

This Memorandum of Understanding is made to facilitate the Company for establishment of the aforesaid project(s) in Gujarat.

Source : Equity Bulls

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