Indian Hotels Company (IHCL) has inked pact to acquire the remaining 14.28 percent stake in ELEL Hotels and Investment from the Nanda family. The deal will make the company 100 percent leasehold owner of the Sea Rock hotel site in Mumbai by the end of December, 2021. ELEL Hotels, a subsidiary of IHCL, holds the long-term land lease for Sea Rock.
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. The company’s board of directors on November 11, 2019 approved the terms for the settlement to acquire 14.28 percent shareholding.
Indian Hotels Company and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces and recognized as one of Asia's largest and finest hotel company. It operates in the luxury, premium, midmarket and value segments of the market.
