Acquires 9 companies with properties in US for Rs 491 crore
Millitoons Entertainment announced that the Company has major plans to foray the hospitality industry and has entered into an agreement to acquire 9 companies which own well established hotels in the United States for a total cost of USD 73.25 million (Rs 491 crore).The Company plans to finance the acquisitions by debt continuation in the books of the respective companies with US banking institutions to the tune of USD 61.25 million (Rs 410 crore) and balance USD 12 million (Rs 81 crore) shall be paid by the Company to acquire 100% stake in the 9 companies.
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