Fitch rates Om Shiv Estates B(ind)

Fitch Ratings said it assigned a B(ind) national long-term rating to Om Shiv Estates Pvt. Ltd. and a rating of B(ind) to its sanctioned long-term bank loans aggregating Rs. 183 million.

The outlook is stable.

The rating remains constrained by the project status of Om Shiv's hotel and restaurant facility in Andheri-West, Mumbai, although construction risks are largely offset by the advanced stage of the project, Fitch said.

The rating is further constrained by potential operating risks faced by the project, including the fact that the hotel's management contract has yet to be finalized, the agency said.

Although the project sponsors have a track record in the real estate sector, Fitch said they do not have prior experience in operating a hotel.

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