Emerald Leisures Limited has officially announced its acquisition of a 51% stake in Gala Mahim Cluster Developers LLP, a newly incorporated entity engaged in construction and real estate activities in Mumbai. This acquisition was finalized on December 23, 2024, as part of the company's strategic expansion in the real estate sector.

As per Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Emerald Leisures disclosed the acquisition of this limited liability partnership (LLP) in line with the regulatory requirements, with the full details provided in the accompanying annexure. Gala Mahim Cluster Developers LLP, which was incorporated on August 23, 2024, is located in Mumbai, Maharashtra, and is in the early stages of its business operations.

The joint venture was established to focus on construction and real estate activities in Mumbai, marking a significant step for Emerald Leisures in its growth trajectory within the real estate industry. The company now holds a 51% controlling stake in the partnership, while the remaining 49% stake is held by the other partners. This partnership is structured with a cash consideration arrangement.

In terms of related-party transactions, the acquisition does not fall under that category, as Gala Mahim Cluster Developers LLP is not linked to the promoter or the promoter group of Emerald Leisures. This ensures that the transaction is conducted at arm's length, in compliance with regulatory guidelines.

The venture aims to leverage the growing demand in the Mumbai real estate market, where Emerald Leisures sees potential for significant future returns. Given that Gala Mahim Cluster Developers LLP is a newly incorporated entity, there are no prior turnover details to report, and the firm is yet to commence its operations.

This acquisition aligns with Emerald Leisures' long-term business goals of expanding its presence in the real estate sector, which continues to be a key area of focus for the company.

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