Oberoi Realty’s Centaur Hotel buy axed

The deal was with V Hotels to buy Centaur in Mumbai. Now,it's liable for a Rs 730 mn refund.

Oberoi Realty Ltd said on Tuesday that an agreement signed by its joint venture partner Siddhivinayak Realties Pvt Ltd (SRPL) with V Hotels Ltd to purchase a hotel property in Mumbai has been terminated.

* V Hotels liable to refund about 730 million rupees in 90 days

* Oberoi’s partner Siddhivinayak Realties had signed pact to buy Centaur

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* Oberoi Realty’s unit Oberoi Constructions holds 50 pct in JV

Following this,V Hotels is liable for a refund of about 730 million rupees.

The agreement,signed on March 31,2005,was to purchase Centaur Hotel at Juhu Beach,in Mumbai. The deal was,however,under arbitration following a dispute between the parties,Oberoi Realty said in a statement.

Oberoi Realty’s unit Oberoi Constructions Ltd holds a 50 percent stake in SRPL,it said.

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On July 13,the arbitrator held the agreement stands terminated and V Hotels is liable for the refund within 90 days.

SRPL will pursue other legal recourse or remedies,it added.

At 11.12 a.m,shares of Oberoi Realty were up 1 percent at 236.5 rupees in a Mumbai market that is marginally higher.

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