New Delhi, July 9 -- Ventive Hospitality Ltd, a joint venture between private equity firm Blackstone and Pune-based developer Panchshil Realty Ltd, has struck a deal to acquire a resort property in the Mumbai Metropolitan Region.
The company will acquire Kelzai Eco Reserves Pvt Ltd, which owns the 420-acre property, for a cash consideration of Rs 281.88 crore ($29.5 million) and at an enterprise value of Rs 466 crore.
The acquisition will expand the company's presence in the luxury resort and branded villa segment, Ventive said in a stock-exchange filing.
Kelzai Eco Reserves, incorporated in November 1989, reported turnover of Rs 14.25 lakh for the year ended March 31, 2026, up from Rs 5.34 lakh in FY25 and Rs 8.53 lakh in FY24.
The thin revenue base indicates that it is a land-holding entity rather than an operating hospitality asset. Ventive did not name a specific resort brand for the site in its disclosure.
Ventive listed on stock exchanges in December 2024 after raising Rs 1,600 crore through a fresh issue of shares in its initial public offering. Blackstone owned a 32.4% stake in Ventive as of March-end while Panchshil and the promoter Chordia family held over 56%.
The Kelzai deal extends a run of acquisitions by Ventive over the past year. In September 2025, it agreed to buy a 76% stake in Soham Leisure Ventures Pvt Ltd, owner of the 104-key Hilton Goa Resort in Candolim, for an enterprise value of about Rs 320 crore, marking its entry into India's leisure hospitality market. The deal included a 4-acre land parcel earmarked for branded villas with an estimated gross sale value of over Rs 100 crore, and gave Ventive scope to add 60-65 keys to the existing resort.
Ventive has since built on that push. In February, it acquired Finest-VN Business Park Pvt Ltd, which holds the exclusive rights for Soho House expansion in India and operates Soho House Mumbai, for Rs 59.83 crore. The following month, it approved a 100% buyout of Sun Leisure (India) Pvt Ltd, operator of the Sol de Goa property, and a 50.02% stake in Narmada Estates Pvt Ltd, for a total enterprise value of Rs 122.6 crore.
Ventive operates hotels and resorts across India and the Maldives under brands including Marriott, Ritz-Carlton, Hilton and Conrad, with its largest concentration of properties in Pune. The company has also signed management agreements with Marriott for seven new hotels comprising 1,548 keys across India and Sri Lanka, part of a stated strategy to double its room portfolio to about 4,000 keys over the next five years.
Published by HT Digital Content Services with permission from VC Circle.