Indian Hotels to acquire remaining stake in ELEL from Nanda family

The buyout will make IHCL, the 100% owner of Sea Rock Hotel

The Indian Hotels Company has signed a binding agreement for the acquisition of the remaining 14.28 per cent equity interest in ELEL Hotels and Investments Limited (ELEL) from the Nanda family, Indian Hotels said in a statement on Tuesday.  This will make IHCL the 100 per cent leasehold owner of the landmark Sea Rock hotel site by December, 31, 2021, it said. It was taken over by IHCL’s subsidiary company in 2009.
 

“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