IHCL announces merger with Oriental Hotels
Indian Hotels Company Limited (IHCL) announced that Oriental Hotels Limited (OHL) will be merged with IHCL through a 'Scheme of Arrangement.'
The Scheme is subject to statutory approvals and clearances. Oriental Hotels Limited is an associate company of The Indian Hotels Company Limited. The company has a portfolio of seven hotels with 825 rooms. This includes freehold assets such as Taj Coromandel -Chennai, Taj Fisherman’s Cove Resort & Spa - Chennai and Gateway Coonoor, and long tenure lease hold assets such as Taj Malabar Resort & Spa - Cochin, Vivanta Coimbatore, Vivanta Mangalore and Gateway Madurai.
Additionally, OHL has strategic investments in several IHCL group hotel companies in India and internationally including St. James Court, TAL Hotels and Resorts Ltd, Lanka Island Resorts Ltd, Taj Madurai Ltd and Taj Karnataka Hotels and Resorts Ltd.
IHCL MD and CEO Puneet Chhatwal said in line with the Accelerate 2030 strategy of creating value, simplifying the group’s holding structure and unlocking the full potential of OHL portfolio including assets like Taj Coromandel, Chennai, Taj Fisherman’s Cove Resort & Spa, Chennai and Taj Malabar Resort & Spa, Cochin, the Boards of IHCL and OHL have approved this merger.
By Anumeha Chaturvedi