How Lalit Suri Hospitality Group bagged Great Eastern for Rs 52 cr

History was created when Lalit Suri Lalit Suri Hospitality Group’s 172-year-old heritage property, which was reopened here on Tuesday, will be open to the public in another fortnight. However, a closer look at the Lalit Great Eastern throws up a question: How did the group get the property so cheap from the West Bengal government in 2005?

Then, the group had paid Rs 52 crore to acquire a 90 per cent stake in the hotel. The state government, then led by the Communist Party of India (Marxist)’s Buddhadeb Bhattacharjee, had to face a lot of opposition to see through the divestment.

While the divestment attracted many names initially, on the final day, only The Lalit Suri group submitted a price bid.

Full report here Business Standard 


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