Kamat Hotels awards contract

Kamat Hotels India Ltd has informed that a contract had been awarded to the Joint Venture between Unity Infraprojects Ltd and BSEL Infrastructure Realty Ltd for constructing operating and Maintenance of Hotel, on a Build Operate and Transfer basis.

Further the Company has informed that, the Company has been inducted in the said Joint Venture of Unity Infraprojects Ltd and BSEL Infrastructure Realty Ltd for operating of the Hotels and the JV Partners have formed the SPV Company in which the Company, Unity Realty and Developers Ltd, (Wholly Owned Subsidiary Unity Infraprojects Ltd) and BSEL Infrastructure Realty Ltd hold shares equally.

Further, the Company and the said Unity Realty & Developers Ltd and BSEL Infrastructure Realty Ltd have agreed to dilute their respective stakes in the said SPV from 33.33% each to 17% each with 49% stake being offered to Clear Water Capital Partners (Cyprus) Ltd.

The Projects is a fast track project to be completed before beginning of 3rd Commonwealth Youth Games 2008, at Shiv Chhatrapati Sports Complex, Balewadi, Pune.