Pursuant to Regulation 30 of the SEBI Listing Regulation, 2015, we wish to inform you that Praveg Limited has successfully completed the formal handover of operations of its flagship resort ....
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Praveg Limited has completed the formal handover of operations of its flagship resort, Praveg Atoll's on Bangaram Island in Lakshadweep, to Indian Hotels Company Limited (IHCL). The handover is executed as per the Hotel Management Agreement signed between the two parties and announced on March 3, 2025. IHCL will now run the property under its premium SeleQtions brand, taking full control of operations, guest services, food and beverage, recreation, and environmental stewardship. The Chairman of Praveg stated that the move aims to position Bangaram Island as a model for luxury and sustainable tourism, leveraging IHCL's global marketing network and loyalty programs.
This is a strategic transition rather than a financial event — Praveg hands over day-to-day operations of a key asset to a larger hospitality major, which could mean stable, long-term management fees or revenue share for Praveg while removing operational risks. For shareholders, the key question is whether this deal translates into meaningful recurring income and improved asset utilization.