Indian Hotels Company (IHCL) has received an in-principle approval to enter into a Lease Agreement, for operation of a hotel in Frankfurt, Germany, for a period of 20 years with right of two renewals of 5 years each, on some terms and conditions including capex investment for renovation of aforesaid hotel of upto Euro 5 million by IHCL or through one of its subsidiary; incorporation of a new wholly owned indirect subsidiary in Germany to enter into the above lease and incur such incorporation expenses as may be required for the same; Issuance/Placement of Bank/Insurance Guarantee/Deposit by IHCL or its subsidiary of upto Euro 3 million; and issuance of Corporate Guarantee by IHCL or its subsidiary in favour of the lessor upto Euro 10.05 million for the entire term.
The Board of Directors of the Company at its meeting held on July 27, 2023 granted in-principle approval for the same.
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.
| Company Name | CMP |
|---|---|
| Indian Hotel | 662.95 |
| ITC Hotels | 163.10 |
| EIH | 324.60 |
| Chalet Hotels | 787.85 |
| Mahindra Holi.&Resor | 272.70 |
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