The Competition Commission of India, the country's fair trade regulator, has approved Malaysia-based MetTube's acquisition of Hotel Leelaventure's Goa hotel. As part of the debt restructuring plan, hospitality chain Hotel Leelaventure had entered into a pact with MetTube to sell the property for Rs 725 crore. Under the deal, the property would be purchased by Ceres Hotels Private Ltd., a wholly owned Indian subsidiary of MetTube.
According to Money Control, CCI said it considered five-star deluxe/five-star hotels in Goa as the relevant market while looking into the deal. As per the terms of a corporate debt restructuring (CDR) package, Hotel Leelaventure had to reduce its debt through sale of assets. It has a portfolio of owned as well as managed palaces and hotels. MetTube is part of the Lord Bagri-promoted Metdist Group.