Asian Hotels board nod for power foray

Asian Hotels, which owns the Hyatt Regency properties in Mumbai, New Delhi and Kolkata, today announced plans to take up the business of power generation.

The company's board, which met today, decided to alter the clause of memorandum of association of the company by inserting a sub-clause in the "other objects" to enable the company to take up the business of generation of power and related activities.

The company recently announced plans to invest Rs 200 crore in two separate companies each owning a hotel property, and acquisition of shares of its associate company, Regency Convention Centre & Hotels (RCC), from existing shareholders for Rs 55 crore.