(TAN): The Indian Hotels Company Limited (IHCL) announced on July 21 the signing of a binding agreement for the acquisition of the balance 14.28% equity interest in ELEL Hotels and Investments Limited (ELEL) from the Nanda family.
This will make IHCL, South Asia’s largest hospitality company, the 100% leasehold owner of the landmark Sea Rock hotel site by Dec. 31, 2021.
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“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 sea front hotel in South Asia,” IHCL’s MD and CEO Puneet Chhatwal said.
IHCL’s board of directors on Nov. 11, 2019 approved the terms for the settlement to acquire 14.28% shareholding. The payment will be structured through multiple instalments staggered over a period, with full buyout by Dec. 31, 2021. This settlement will ensure 100% control of shareholding.
Taj can be trusted to give mumbai a hotel that the city can be proud of. But then the authorities also should realise this and exoediate matters.