Group sells Kochi IT Park to Carnival Group for Rs. 280 crore.

A company owned by the promoters of Leela Group has sold an IT Park in Kochi to Mumbai-based Carnival Group for Rs. 280 crore. Asian Business Connection, the holding company of Carnival Group has acquired the property spread over 6.5 acres. Leela Lace Holdings, the promoter group firm and the current owner of the property, earns around Rs. 30 crore annually through lease rentals from 53 tenants of total four towers.

'The main objective of acquiring this park is asset creation and lease rental income. Carnival Group plans to run the IT park with its existing business model,' said Shrikant Bhasi, chairman of Carnival Group.

'Leela Lace is a privately held company and the money raised will be used for future expansion and has nothing to do with the listed company,' said Vivek Nair, CMD of Hotel Leelaventure.


TOI