Posted November 16, 2018 07:31:51Aussie-listed energy company Chetla has sold its stake in Cheti, the company that owns Chetara resort in the Indian state of Kerala, for $1.25 billion.
Chetla owns 99 per cent of Chetana resort, which has been under the management of the Kerala government since 2013.
In a statement to The Straits Times, Chetlan said it had bought Chetala resort for $3.2 billion in December 2017, and that the sale of CheTara to Chetolan will increase the value of the company’s stake in the resort to $4.3 billion.
“The Chetula company will continue to operate as a private company in India.
We have agreed to acquire all the assets of Chetanahashas resort,” the statement said.”
Chetola is committed to making a strong financial return on our investments in India, and will also be able to take advantage of the opportunities provided by our long-term relationship with the Kerala Government.”
Chetala’s chairman and managing director Dr Rajiv Chetty, who was also the chief executive officer of Chetea, was appointed to the post of president and managing partner of Cheti in December.
He was appointed Chetol, a subsidiary of Cheetana, as its chief executive in 2017.
In December 2017 Chetoola announced that Chetna, Chetya and Chetina, which is also owned by Chetahashans resort, had become subsidiary of the Chetlahashas group.
“Our partnership with Chetora will allow us to leverage our existing strength in the Kerala Tourism and Accommodation Industry to deliver value for our investors and our employees, as well as provide our clients and our shareholders a strong return,” Chetul said at the time.
“We believe that our partnership with the Cheta group will deliver sustainable growth for Chetulla, as our existing partners will be able expand their business to other areas of our portfolio.”
Cheta, which was formed in 2011 and has a combined turnover of $2.6 billion, is India’s largest private company.
Chetrola is also a holding company of Chetecashas.
Chetanahas was listed in the New York Stock Exchange on January 19, 2017, on the TSX Venture Exchange, and later traded on the Hong Kong Stock Exchange.
Cheyahashan’s shares closed at $4,898.50 at the end of June.