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Our Bureau

Hyderabad , Feb. 13

COUNTRY Club (India) Ltd has informed BSE that its board is in the process of finalising plans for acquisition of properties in several locations in the country and one property in Sri Lanka.

The company has intimated that at its meeting held on January 28, the board approved, subject to approvals of a special resolution through postal ballot, to acquire the Aakruthi Engineers Pvt Ltd, Mumbai (Rs 20 crore); Bright Resorts Pvt Ltd, Trichur (Rs 6 crore); Aquarian Realtors Pvt Ltd (Rs 5 crore), Trichur and Swami Vivekananda Training & Education Centre Pvt Ltd, Mumbai (Rs 13 crore); & Swimwell Investments & Trading Pvt Ltd, Mumbai.

It would be acquiring 100 per cent equity shares in these companies.

As a part of its expansion, it is in the process of identifying and setting up clubs at various places across India.

It is proposed to acquire these properties by acquiring 100 per cent equity shares of the respective companies.

The company has entered into MoU and is in the process of entering into necessary arrangements with the promoters of these companies.

Lankan property: Further, the company is set to acquire Babylon Hotels Resorts property at Babylon Bungalow, Mt. Franion Road, Muruthalawa in the district of Kandy, Sri Lanka.

More Stories on : Mergers & Acquisitions | Resorts & Amusement Parks

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