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Maxim Infrastructure - Note

Maxim Infrastructure & Real Estate Private Limited (MIREPL) was incorporated to set up 5-star hotels in Guwahati, Assam and Shillong, Meghalaya, each with an adjacent commercial complex. The company acquired land for the Guwahati project between 2008-2010 and received land for the Shillong project from the Meghalaya government in 2010. MIREPL secured term loans and tied up with Marriott International as the hotel operator in 2011 but construction halted in 2015 due to lack of adequate funding, causing the loans to become non-performing. The incomplete projects now sit idle at both sites.

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Shriya Vikram Shah
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118 views2 pages

Maxim Infrastructure - Note

Maxim Infrastructure & Real Estate Private Limited (MIREPL) was incorporated to set up 5-star hotels in Guwahati, Assam and Shillong, Meghalaya, each with an adjacent commercial complex. The company acquired land for the Guwahati project between 2008-2010 and received land for the Shillong project from the Meghalaya government in 2010. MIREPL secured term loans and tied up with Marriott International as the hotel operator in 2011 but construction halted in 2015 due to lack of adequate funding, causing the loans to become non-performing. The incomplete projects now sit idle at both sites.

Uploaded by

Shriya Vikram Shah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Maxim Infrastructure & Real Estate Private Limited (MIREPL)

 Executive Summary:

Company Name Maxim Infrastructure & Real


Estate Private Limited
Registered Office and factory Vikash Enterprise, Lower Ground
Floor, Salonsar Mansion, Police
Bazar, Shillong -ML 793001

 Maxim Infrastructure & Real Estate Private Limited (MIREPL) was


incorporated to set up a 5 Star Hotels at Guwahati, Assam as well as in
Shillong, Meghalaya. Both the projects have adjacent commercial complex in a
separate building in same compound.
 MIREPL was promoted by Mr. Narayan Prasad Jhunjhunwala and Mr. Pankaj
Kumar Jhunjhunwala along with H. M. Cements Pvt. Ltd. The Guwahati Hotel
Project Land Parcel was acquired by the Promoters from 12 different persons,
from 2008 onwards, progressively.
 The front land (entrance portion) of the Guwahati Hotel Project was acquired on
Development Agreement basis from 2 different persons by the Promoters of the
Company. The Promoters’ were awarded the Land Parcel of the Shillong Hotel
Project in June 2010 by way of a Public Private Partnership Arrangement by the
Government of Meghalaya, on a lease basis for a period of 30 years.
 The Financial Closure of Term Loan by the Consortium of Bankers was
concluded in November 2010. The disbursement of Term Loan commenced in
December 2010. Subsequent to the Financial Closure, the Company had entered
into tied-up arrangement with Marriott International, USA in February 2011 as
the Hotel Operator & Brand for both the Hotel Projects.
 Marriott International, USA suggested to the Promoters of the Company to
increase the room count of both the Hotel Projects, including the restaurants &
other facilities according to their specifications. The Promoters engaged M/S
Mahajan & Aibara, Mumbai to conduct a fresh Market Surey & Feasibilty
Study for the expanded Hotel Projects. Also a fresh Financial Information
Memorandum Report was executed by SBI Capital Markets Limited, for both
the Hotel Projects.
 The company started the construction of both the Hotel Projects at the
respective sites, and completed substantial portion of the Civil Works and other
related project works.
 After the tie up with Marroit group, Company approached the Consortium of
Bankers’ to sanction additional Term Loan for the expanded projects, as
recommended by Marriott International, USA in April 2012. The sanction was
unduly delayed and after more than 36 months, part of the additional
requirement of term loan was sanctioned by some of the consortium Banks to
the extent of Rs.45.00 Crores as against the assessed requirement of Rs.105.00
Crores for both the Hotel Projects.
 Due to non-availability of adequate funds, the project work came to a grinding
halt in September 2015. The Term Loan accounts of the Company were
progressively declared NPA by the Consortium of Bankers’ from the month of
October 2015 onwards.
 Currently, the project works at both the Hotel Sites are lying in an incomplete
condition. There is no activity going on at both the Hotel Project Sites.

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