New Delhi, Feb. 10 -- Chalet Hotels Ltd has acquired The Westin Resort & Spa, Himalayas in Rishikesh as it expands its luxury footprint.

The company bought the 141-room luxury property in the foothills of Uttarakhand from Mahananda Spa and Resorts, a subsidiary of Mankind Pharma Ltd, for Rs.530 crore, subject to adjustments for net current assets, the companies said in a filing with the BSE. This strategic move underscores Chalet's growing interest in premium leisure destinations, it said.

Mankind said the proceeds of monetization of non-core assets will be utilized to retire part of its debt and the transaction will be completed by 28 February.

The Westin Resort & Spa in Rishikesh started operations in January 2023 and total capital e...