GMR is also in the final stages to conclude a deal with Singapore-based ESR for a 120 acre logistics park.
The acquisition is a significant move for the five-year old hospitality start-up as it would help expand its presence in Europe.
The startup has already leased two residential towers in Gurugram to launch its first shared-living property in the next two weeks.
The success of Oyo and Treebo have opened up a vast opportunity to consolidate hotel assets from the unorganized sector into the branded fold.
The company plans to relaunch and reposition most of its existing hotel brands as it continues to expand its business across South Asia.
The bank expects to raise around ₹250-300 crore from the sale of non-core properties.
The platform plans to build around five projects totalling around 3000 units in Mumbai surburbs, Gurugram and Noida in the next four too five years.
The company, which is set to enter the hospitality segment, is exploring more options in the real estate sector to expand its portfolio beyond commerc
The company is currently in talks with multiple hotel owners to buy out existing hotel properties in Pune, National Capital Region and Chennai.
The acquisition pegs Digiphoto Entertainment Imaging's enterprise valuation at ₹289 crore.
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