Indian Hotels Company (IHCL) has received an in-principle approval for acquisition of Pamodzi Hotels PLC. The Board of Directors of the Company at its meeting held on July 27, 2023 granted in-principle approval for the same. The Company or one of its subsidiaries will purchase 100% equity of Pamodzi Hotels PLC (presently a listed company in Zambia) from Tata International Singapore PTE.
Pamodzi Hotels PLC has long term lease hold rights for Taj Pamodzi, Zambia - a luxury hotel in Lusaka city, Zambia. The Company presently operates this hotel under a Hotel Operating Agreement entered between the Company and Pamodzi Hotels PLC.
Presently, 90% equity of Pamodzi Hotels PLC is owned by Tata International Singapore PTE. The transaction is subject to Tata International Singapore PTE acquiring the balance 10% equity in Pamodzi Hotels PLC through a delisting process in Zambia.
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.
