~ SIGNS DEFINITIVE AGREEMENT TO COMPLETE ACQUISITION OF 100% SHAREHOLDING IN ELEL HOTELS & INVESTMENTS LTD.
MUMBAI, JULY 21, 2020: The Indian Hotels Company Limited (IHCL), South Asia’s largest hospitality company, today announced the signing of a binding agreement for the acquisition of the balance 14.28 per cent equity interest in ELEL Hotels and Investments Limited (ELEL) from the Nanda family. This will make IHCL the 100 per cent leasehold owner of the landmark Sea Rock hotel site by 31st December 2021.
Commenting on the signing of this agreement, Mr. Puneet Chhatwal, Managing Director and Chief Executive Officer, IHCL said, “The visionary redevelopment of Sea Rock promises to be not only another defining landmark in India’s commercial capital of Mumbai but also an opportunity to build an iconic seafront hotel in South Asia.”
IHCL’s board of directors on November 11, 2019, approved the terms for the settlement to acquire 14.28 per cent shareholding. The payment will be structured through multiple instalments staggered over a period, with a full buyout by December 31, 2021. This settlement will ensure 100 per cent control of shareholding.
About The Indian Hotels Company Limited (IHCL)
The Indian Hotels Company Limited (IHCL) and its subsidiaries bring together a group of brands and businesses that offer a fusion of warm Indian hospitality and world-class service. These include Taj – the hallmark of iconic hospitality and India’s Strongest Brand as per Brand Finance India 100 2020 report, SeleQtions, a named collection of hotels, Vivanta, sophisticated upscale hotels and Ginger, which is revolutionising the lean luxe segment.
Incorporated by the founder of the Tata Group, Jamsetji Tata, the Company opened its first hotel – The Taj Mahal Palace, in Bombay in 1903. IHCL has a portfolio of 200 hotels including 42 under development globally across 4 continents, 12 countries and in over 100 locations. The Indian Hotels Company Limited (IHCL) is South Asia’s largest hospitality company by market capitalization. It is primarily listed on the BSE and NSE.