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Taj checks in at Sea Rock

Indian Hotels buys 85% in Claridges subsidiary for Rs 680 crore. Sea Rock Hotel, one of Mumbai’s best-known landmarks since 1978, is changing hands for the second time in four years. Indian Hotels Company Ltd (IHCL), owners of the Taj properties, today said the compnay would buy the 400-room hotel located in Bandra from the Delhi-based Claridges, which had acquired the property in 2005. Under the deal, IHCL will buy 85 per cent in ELEL, a subsidiary of Claridges, for Rs 680 crore. It will buy the entire shareholding at a later date. ELEL holds a long-term sub-lease for the land on ...