"NCLAT Grants Approval for Anirudh Agro's ₹150 Crore Acquisition of Viceroy Hotels"

In a significant development, the National Company Law Appellate Tribunal (NCLAT) has given its green light to Anirudh Agro Farms Limited (AAFL) for its resolution plan to acquire Viceroy Hotels for an estimated ₹150 crore. This move marks Anirudh Agro's entry into the rapidly growing hospitality sector, with plans to expand its presence in the industry in the coming years, according to a statement released by the Hyderabad-based company.
Viceroy Hotels currently boasts two properties located near the picturesque Tank Bund in Hyderabad. These hotels are operated under the esteemed Marriott Group, featuring the renowned Courtyard and Marriott brands. The properties sit on a 4.5-acre freehold land and collectively offer over 400 rooms, making them a valuable addition to Anirudh Agro's portfolio.
To facilitate this acquisition, Loko Hospitality Private Limited, a special purpose vehicle established by AAFL, has already disbursed an upfront sum of ₹60 crore. This amount was utilized for the subscription of six crore equity shares, each with a face value of ₹10, in the company on October 10, 2023, as confirmed by Viceroy Hotels in a communication to the Bombay Stock Exchange.
HBL