Chalet Hotels Ltd have executed the Share Purchase Agreement for acquisition of:
1. 100% of the Equity Shares of Sonmil Industries Private Limited (Sonmil) for a cash consideration of Rs 746.45 million and,
2. 82.28% of the Equity Shares of The Dukes Retreat Private Limited for a cash consideration of Rs 817.56 million (17.72% of the Equity Shares of The Dukes Retreat Private Limited will continue to be held by Sonmil Industries Private Limited which is also being acquired).
Sonmil achieved a turnover of Rs 0.6 million for the year ending 31 March 2022 with a net loss of Rs 2.37 million. Its Net Worth was Rs 21.4 million. Sonmil is the owner of the land which is leased to The Dukes Retreat Private Limited for the resort viz. The Dukes Retreat, Khandala. The Dukes Retreat reported a turnover of Rs 219.39 million for the year ending 31 March 2022 with a net profit of Rs 77.24 million and net worth of Rs 244.64 million.
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