Mumbai, June 5 -- The company has entered into an agreement with Juniper Hospitality Assets (JHAPL), and its seller shareholders, Arun Kumar Saraf and Varun Saraf, for the proposed transaction.

The company will develop a five- Star hotel on land parcel measuring approximately 2.524 acres in Sector 23, Dwarka, New Delhi, having emerged as the successful bidder for the licence rights to the site.

The said transaction is a related party due to common promoters. Arun Kumar Saraf is a promoter of Juniper Hotels. Varun Saraf, son of Arun Kumar Saraf, belongs to the promoter group of Juniper Hotels.

Juniper Hotels (JHL) is engaged in the development and ownership of luxury hotels. It is the largest owner of Hyatt affiliated hotels in India. T...