Gangetic Hotels becomes Phoenix Mills' arm

Phoenix Mills today said it has acquired the entire 19.38 per cent equity stake held by MTX Hotels in Gangetic Hotels Private Limited (GHPL).

"Phoenix Mills Ltd has informed BSE that the company has acquired entire equity stake held by MTX Hotels Private Limited, Amitabh Tayal and Priyank Tayal in Gangetic Hotels Private Limited (GHPL) aggregating to 19.38 per cent of GHPL's equity share capital on October 6, 2015.

"Accordingly, subsequent to the aforesaid acquisition, in terms of the provisions of the Companies Act, 2013, GHPL has become a subsidiary of the company with effect from October 6, 2015," Phoenix Mills said in a BSE filing.