Rajeev Piramal, Vice Chairman and Managing Director of PLL says, "Over the past few years, Peninsula Land has executed a clear strategic vision to execute projects and reduce debt. We have demonstrated our commitment to stakeholders and customers. I am thrilled to announce a new phase of growth with Delta that will allow us to unlock the immense value that exists in the real estate sector today.”

As per the release, the company had free reserves and cash flows after its flagship project at Dhargalim, Goa got deferred, which prompted it to explore long-term growth opportunities in the realty sector.

Delta Corp, the only listed casino operator in India, was planning to invest ₹3,000 crore to set up an integrated resort-cum-casino township that is across 90 acres of land at Dhargalim, Pernem. However, the project has been deferred due to undisclosed reasons.

Last month, the company got interim relief from Bombay High Court in a Goods and Services Tax (GST) case. The case pertains to ₹16,195 crore GST notice issued by the Directorate General of GST Intelligence for the payment of shortfall tax. The Goa Bench of Bombay HC has restrained tax authorities from passing any final order on the GST notice against the casino firm without prior permission from the court.

Between September and October this year, Delta Corp and its subsidiaries received over ₹23,000 crore tax payment notices from DG GST for the period between July 2017 and March 2022.

In September, the company received the first notice worth ₹16,822 crore from the Directorate General of GST Intelligence for payment of shortfall tax, which included alleged tax liability of ₹11,139 crore along with interest and penalty for the period from July 2017 to March 2022, and notices of ₹5,682 crore against three of its subsidiaries — Casino Deltin Denzong, Highstreet Cruises and Delta Pleasure Cruise Company. Other than this, the casino operator received another notice worth ₹6,384 crore from the DG GST Intelligence, Kolkata, in October.

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Ashok Piramal Group

Casino operator Delta Corp forays into real estate; stock jumps 6%