OCT 9, 2018: Ayurvedic firm Kerala Ayurveda Tuseday said it has entered into a joint venture pact with Sanghvi Brands to develop Ayurvedagram wellness resorts and Ayurvedic spas.
“The company and Sanghvi Brands Ltd each shall hold 50 per cent of the paid-up share capital of the JV company,” Kerala Ayurveda said in a BSE filing.
The joint venture (JV) will develop and operate Ayurvedagram Wellness resorts varying in size from 30 keys to 100 keys, it added.
The joint venture will also develop Ayurvedic Wellness spas inspired by Ayurvedagram, which would be made part of the spas across luxury hotels, globally, the company said.
The companies are currently in a discussion with prospective property owners in Europe, South East Asia, Middle East, USA and India to launch the wellness resorts through the joint venture, it added.
Shares of Kerala Ayurveda were trading at Rs 57.05 per scrip on the BSE, up 0.88 per cent from their previous close.