New Delhi, Dec 9 (PTI) Bharat Agri Fert & Realty on Monday announced plans to invest Rs 85 crore in the expansion of its resort in the Palghar district of Maharashtra to position it as a premier destination for weddings.
The expansion is part of the company's strategic vision to position the resort as a venue for destination weddings and corporate events, in line with the Government of India's 'Wed in India' initiative, a company statement said.
The Rs 85-crore project is expected to be completed by March 2026.
The company has secured a loan of Rs 25 crore from NKGSB Bank and additional funding of Rs 32.5 crore is expected from other banking partners, the company said.
Bharat Agri Fert & Realty Ltd is engaged in the real estate, fertiliser and hospitality sectors.
The ANCHAVIYO Resort, located in Kharivali Village, Palghar District, Maharashtra, has 80 rooms. After the expansion, the property will have 130 additional rooms across various categories.
Bharat Agri Fert & Realty projects annual revenue of Rs 111 crore by FY 2026-27, assuming an occupancy rate of 65-75 per cent.
The Government of India's 'Wed in India' initiative provides several fiscal and non-fiscal incentives, including capital subsidies, reduced energy tariffs, GST reimbursements, and interest subsidies on term loans, all of which will enhance the project’s financial viability.