Tata's Indian Hotels outbids ITC, retains Taj Mansingh for another 33 years

Move will allow IHCL to make investments to refurbish the 40-year-old hotel; Lack of clarity on the future of this hotel had prevented major investments

Tata group’s Indian Hotels Company (IHCL) will retain control of the Taj Mahal hotel, popularly known as Taj Mansingh, for another 33 years.  

IHCL, which operates a chain of luxury hotels under the Taj brand, emerged winner in an e-auction conducted by the New Delhi Municipal Council (NDMC) on Friday. The company outbid ITC, the only other bidder in the auction, for the prime property located on Mansingh Road in the capital.  

Though the result of the auction was declared after the market hours, the stock price of IHCL seems to have factored in the win. The price surged more