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Diversified Dharampal Satyapal Group (DS Group) is reportedly planning to acquire the Great India Place Mall complex at Noida in Delhi-NCR. The potential deal is expected to be valued at Rs 2,000 crore.
The Great India Place was a joint development between the Appu Ghar Group and the Unitech Group. Unitech retains a 42 percent stake in the mall, with the remaining ownership distributed among other investors. The financial daily quoted another person with knowledge of the matter as saying that the complex is on the market for sale because of an existing debt of approximately Rs 1,000 crore. The present promoters, which include the crisis-hit Unitech Group, find themselves in an uneasy financial situation. Acquiring this property would give a significant boost to any company looking to expand in the retail sector.
The bid by Noida-based DS Group, known for brands such as Rajnigandha pan masala and Catch spices, is a strategic m0ove to expand into the premium retail and hospitality sectors.
With a revenue of Rs 5,500 crore in FY23, DS Group possesses a portfolio of six hotels, including the notable Renaissance property. Apart from the hospitality sector, the group has established a presence in premium retail with ventures such as Le Marche retail store and the L’Opera coffee chain.
