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June 22, 2001
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Money > Business Headlines > Report June 22, 2001 |
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Taj group to decide on 2 local buyouts in 10 daysBS Corporate Bureau The Taj group of hotels is expected to take a decision on acquisition of two five-star hotels in the country within the next ten days. "We are looking at two five-star hotels -- not belonging to the heritage hotel variety -- as part of our domestic acquisition plan. We should be able to decide whether to go ahead within the next ten days or so," K R Krishna Kumar, managing director, The Indian Hotel Corporation which operates the Taj group of hotels and resorts, said. He, however, declined to comment on the areas or the specific hotels IHC was negotiating with. Talking of acquisitions abroad, Krishna Kumar said Taj US has already been incorporated as a company in the US and is looking for a joint venture partner. Since Taj is not a popular brand there, the company will be more than willing to run the acquired hotels under their existing brand names. He also said the Choudhary group of Nepal had been inducted as a 50 per cent shareholder in Taj Asia. The Choudhary group would be investing in properties in the Pacific Rim countries. "We already have three hotels -- two in Maldives and one in Sri Lanka -- and may look at building new hotels, instead of acquiring existing properties in, for example, places such as Phuket or Bali. The UK restaurant Bombay Brassarie is being expanded. A branch, 'Quilon' (specialising in south Indian cuisine), has already been opened in London apart from the existing restaurant, and similar restaurants are being opened in the UK. "Such restaurants may not be very popular in the US because Indian food is not so popular there," Krishna Kumar said. Talking about ITDC's hotels and the government's plan to divest its shareholding in it, Kumar pointed out that since it has a 10 per cent holding, it expected the government to take into consideration the minority partner's interest when any scheme was being implemented. "Selling of our shareholding is one option. But we have not taken a decision yet," he said. Powered by YOU MAY ALSO WANT TO READ:
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