Indian Hotels to buy remaining 80% stake in Mumbai’s Sea Rock Hotel property

Tata Group’s flagship hospitality firm and India’s largest hotel chain operator Indian Hotels Company Ltd (IHCL), which runs its operations with several brands including Taj Hotels, has received its board approval to acquire remaining 80.1 per cent stake in Lands End Properties Pvt Ltd (LEPPL) for up to Rs 17 crore ($2.7 million), the company said in a stock market disclosure.

Indian Hotels currently holds 19.9 per cent stake in LEPPL and in turn, LEPPL holds 67.04 per cent stake through its wholly-owned subsidiary Sky Deck Properties & Developers Pvt Ltd (SDPDPL) in Mumbai on which Hotel Sea Rock (Sea Rock property) stood.

Sea Rock was hit by bomb attacks in 1993 serial blasts in the city. It was later razed and has been entangled in legal cases.

Indian Hotels' scrip closed at Rs 116.20 each, up 0.69 per cent in BSE in a strong Mumbai market on Thursday.

(Edited by Joby Puthuparampil Johnson)

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