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In a bid to bolster its presence in the retail and hospitality sector, Noida's DS Group, renowned for its flagship Rajnigandha pan masala brand and Catch spices, is reportedly considering a Rs 2,000 crore acquisition of the once-celebrated Great India Place Mall (GIP) in Noida.
The GIP complex offers a mix of mall development spanning over a generous 147 acres and other undeveloped plots. Reports indicate that almost 1.7 million square feet of land is available for either commercial or residential projects.
The GIP was a collaborative effort between the Appu Ghar Group and the Unitech Group, with the latter still holding a 42% stake and the remainder being in the hands of varied investors. The mall has faced stiff competition from newcomers in the vicinity, notably the DLF Mall of India. The COVID-19 pandemic further pushed the establishment into a financial corner, resulting in an estimated Rs 3,000 crore in losses.
Industry insiders have linked the mall's mounting debt, close to Rs 1,000 crore, as a plausible reason for its sale. The transition could potentially serve as a boon to DS Group, fortifying its position in the retail industry. While rumours around the acquisition gain momentum, DS Group maintains a discreet stance.
The alleged interest in GIP appears consistent with DS Group's recent moves. Earlier in July, they made headlines with the acquisition of Viceroy Hotels Pvt Ltd. This Bangalore-based hotel, managed by the Marriott and owned by Viceroy, boasts 275 rooms on a 1.8-acre prime property.
In conclusion, DS Group's potential acquisition of the GIP Mall marks another significant chapter in its diversification journey into premium retail and hospitality. As the retail landscape evolves and businesses recalibrate their strategies post-pandemic, such mergers and acquisitions could reshape the industry's future.
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