The deal will make Indian Hotels Co. (IHCL) 100% leasehold owner of the landmark Sea Rock hotel site by 31 December 2021.
IHCL on Tuesday (21 July) said it has signed a binding agreement for the acquisition of the balance 14.28% equity interest in ELEL Hotels and Investments (ELEL) from the Nanda family. This will make IHCL 100% leasehold owner of the landmark Sea Rock hotel site by 31 December 2021.
IHCL's board of directors on 11 November 2019 approved the proposal to purchase the balance 14.28% stake in ELEL, a subsidiary, from Claridges Hotels and Excalibur, for a consideration of Rs 250 crore over a period of two years in a phased manner on achievement of set milestones by the end of December 2021.
IHCL's consolidated net profit dropped 35.4% to Rs 74.32 crore on 14.6% decline in net sales to Rs 1,062.98 crore in Q4 March 2020 over Q4 March 2019.
IHCL and their subsidiaries are collectively known as Taj Hotels Resorts and Palaces and are recognized as one of Asia's largest and finest hotel company.
Shares of IHCL rose 0.68% to Rs 80.85 on BSE. The scrip traded in the range of Rs 80.60 to Rs 81.20 so far.
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