Blackstone Group obtains nod to acquire Trident Hotel
This is the first deal by the company under India’s IBC
Private equity firm Blackstone Group has obtained approval of the National Company Law Tribunal to acquire Trident Hotel, Hyderabad owned by Golden Jubilee Hotels and managed by EIH of Oberoi Group for a consideration of around Rs 585 crore.
This is the first deal by the company under India’s Insolvency and Bankruptcy Code (IBC) to infuse foreign capital.
The company under its resolution plan has agreed to pump in Rs 384 crore upfront to clear the dues of workmen and creditors, apart from committing infusion of Rs 180 crore towards capital expenditure.