Indian Hotels board approves subsidiary amalgamation

Will amalgamate International Hotel Management Services LLC and Lands End Properties

The board of Indian Hotels Company, country's biggest hotel chain, today approved amalgamation of two of its wholly-owned subsidiaries into itself.

The Mumbai-based company has thus got approval for amalgamating International Hotel Management Services LLC and Lands End Properties with itself.

"The company is in process of undertaking a restructuring of its group holding structure in some of its overseas joint ventures and wholly owned subsidiaries by consolidating certain holdings in the downstream overseas operating companies under a single holding company namely IHOCO BV, effectively capturing value at a single point and enabling greater organisational and operational control of these overseas joint ventures and wholly-owned subsidiaries," stated a company release.

Further the IHCL clarified that the amalgamation of Lands End Properties will allow it to have greater access to the financial resources, management experience and expertise of IHCL.

"The scheme would thus enable the business of Lands End to leverage the resources of the company and facilitate raising of funds on competitive terms and achieving operational and cost synergies", IHCL stated.