MIHAN update

Essar Realty Holdings, the real estate arm of Essar Group, has won a bid worth Rs 500 crore for building a five-star hotel, utility centre and a multiplex at the upcoming Multimodal International Hub Airport in Nagpur, Maharasthra. It has formed a joint venture with USbased Accor Hospitality to develop the project. An Essar Realty spokesperson confirmed the development. He said: “The bid reinforces our long-term commitment to the realty business.” Raheja Construction was another bidder for the project which was proposed by Maharashtra Airport Development (MADC). The five-star hotel will be developed on 10-acre, adjacent to NH-VII on the Nagpur-Wardha road. It will have capacity to accommodate 1,000 people. It will also have service apartments to cater to the needs of long-staying executives. This is Essar Realty’s second-largest property deal in the past six months. Earlier, it had struck a Rs 1,200-crore deal with Peninsula Land in Kurla, Maharasthra. The proposed Nagpur airport project is likely be completed in four years with an investment of Rs 3,000 crore and is expected to add a new dimension to India’s capability of handling air cargo.