Indian Hotels acquires Land End Properties

Will buy 80.1% equity stake in LEP thereby making it a 100% subsidiary of Indian Hotels

Tata Group company Indian Hotels Company (IHCL) today informed that its board has approved the proposal to acquire the remaining stake in Lands End Properties for Rs 17 crore.

The Mumbai-based company, which owns and operates hotels under the brands Taj, Vivanta by Taj and Gateway will buy 80.1% equity stake in LEPPL, thereby making LEPPL a 100% subsidiary of the company. The move is part of the restructuring plan of IHCL.

"Pursuant to the foregoing, ELEL Hotels & Investments Limited, the licensee of the erstwhile hotel Sea Rock site, will become a subsidiary of the company", IHCL said in a statement.