7-Star Resort Near Mumbai: Bharat Agri Fert & Realty Invests Rs 55 Cr

New Delhi, Jun 24 (PTI) Bharat Agri Fert & Realty Ltd (BAFREL) on Monday said it will develop India's first 7-Star resort on the outskirts of Mumbai with an investment of about Rs 55 crore.

The company plans to launch an additional 170 rooms, along with a banquet hall and enhanced amenities by 2025-2026, thus offering the perfect venue for destination weddings on the banks of a river within the 120-acre freehold land, a company statement said.

According to the statement, the project is planned in line with Prime Minister Narendra Modi's vision -- 'Wed In India' initiative.

Additionally, the company has announced that it is intensifying focus on the hospitality sector in the next two-three years.

The new 7-Star resort project will operate under the Anchaviyo brand, which is India's first premier unique theme-based resort.

This expansion will take place on the surplus freehold land at their existing Anchaviyo resort at an estimated cost of Rs 50-55 crore.

Currently, the company operates 80 luxurious theme-based resorts.

BAFREL Director, Vijal Yogendra Patel, said in the statement, "We are intensifying our focus on the hospitality sector. Situated in Maharashtra's Palghar district, Anchaviyo will offer tranquillity, natural beauty, and proximity to the Jawaharlal Nehru Port Trust's new Vadhavan port."

This world-class infrastructure is expected to attract business travellers and high-end yachting enthusiasts, he said, adding that the Vadhavan port presents a tremendous opportunity.

This expansion is expected to be completed by 2025-2026, he added.

BAFRL was established in 1962 as a pioneering Indian company, initially recognized for being the first to manufacture NPK fertilizers through "Project Finance" from NRI investors.

With three key business verticals – Fertilizers, Realty, and Hospitality – the company is strategically navigating challenges and pursuing growth opportunities.

In the fertilizer business, the company is temporarily leasing out its assets to address supply chain disruptions, fostering potential future manufacturing operations.

The realty segment focuses on a landmark project in Thane City, developing a 60-floor building with commencement certificate from planning authority received to build up to 35th floor.

The hospitality vertical features Anchaviyo Resort, set to double its room capacity in Phase 1 and expand further in Phase 2.

Additionally, a joint venture with a prominent hotel chain is on the horizon, reflecting the company's commitment to innovation and market expansion.

In Q4FY2024, the company made a turnaround and achieved Rs 12.08 crore in total income with EBITDA at Rs 7.07 crore.