Blackstone, KKR eye Golden Jubilee Hotels; govt mulls stake sale in NHPC to NTPC
Photo Credit: Thinkstock

Blackstone, KKR, JM Financial Asset Reconstruction Company and Edelweiss Asset Reconstruction Company have bid for bankrupt Hyderabad-based Golden Jubilee Hotels Pvt. Ltd, The Times of India reported.

Golden Jubilee Hotels, which operates the Trident in Hyderabad, is currently undergoing bankruptcy proceedings at the National Company Law Tribunal.

Golden Jubilee Hotels is a special purpose vehicle formed for the development of two five-star hotel properties -- Trident and Oberoi -- at Hyderabad, according to a report by Care Ratings.

Trident had commenced operations in September 2013.

EIH Ltd, which operates hotels under Oberoi and Trident brand, holds around 16% stake in Golden Jubilee Hotels. The remaining is held by promoter entity Core Hotels Ventures Pvt. Ltd.

An investment arm of JPMorgan holds around 47% stake in Core Hotels Ventures.

Golden Jubilee Hotels has a debt of more than Rs 970 crore, according to the report.

Separately, the finance and power ministries are in early talks to sell the government’s stake in hydropower company NHPC Ltd to public sector power producer NTPC Ltd, Bloomberg reported, citing people aware of the development.
As on 30 June, the government held 73.64% stake in NHPC.

The deal is not likely to be closed this financial year, the report said.

Earlier this year in January, Oil and Natural Gas Corp. (ONGC) had acquired 51.1% stake held by the government in Hindustan Petroleum Corp. Ltd (HPCL) for $5.78 billion.

Leave Your Comment(s)