Carnival Group in talks to buy L&T Realty's Elante Mall.

Carnival, a media & entertainment group based in this city, is in advanced discussion with Larsen & Toubro (L&T) Realty to acquire the latter's Chandigarh mall, Elante.

People in the know say a Rs. 1,900-crore deal is likely to be signed by next month. Elante Mall spread across 1.15 million sq ft. There are three distinct facilities - a retail mall, office complex & hotel with central courtyard. Construction of a 215-room five-star hotel of Hyatt Regency is on at the premises.

Sources say L&T had initially asked for Rs. 2,500 crore and this has gone down to Rs. 1,900 crore. Singapore-based sovereign fund GIC and private equity major Blackstone were also trying for a buyout.

Asked to comment, an L&T spokesperson said the company does not comment on market speculation. Shrikant Bhasi, chairman, Carnival Group, also refused to comment. The Carnival Group has interests in hospitality, media & entertainment and multiplexes.


BS