Shristi Urban Infrastructure Development Ltd, the 40:60 joint venture between Housing & Urban Development Corporation and infrastructure development company Shristi, plans to set up a Rs 250-crore five-star hotel and a mall in Udaipur.

The joint venture company, set up a year ago, has also identified 65 locations in the country to set up three-star and budget hotels under the brandname Vedic. The details will be ready within a month.

“The purpose of entering into joint ventures is to increase our company’s bottomline and people’s confidence with Hudco’s brand equity,” said P.S. Rana, chairman of Hudco.

Spread over eight acres, the four-storied property on the Udaipur National Highway, will be called Vedic Palace. It will be designed like a fort and will have 300 hotel rooms, a spa called Tatva, a commercial complex and a movie theatre. The company also proposes to get a green building certificate from US-based environmental agency LEED ( Leadership in Energy and Environmental Design).

This is the venture company’s first public private partnership under the Vedic brandname. Hudco was declared a Mini Ratna in 2004, and given more financial autonomy to enter into diverse infrastructure projects.