Indian Hotels to decide on Orient-Express bid by next quarter

MUMBAI (Reuters) - Indian Hotels Co Ltd, part of the $100-billion Tata Group, expects to decide on its bid to acquire Orient-Express Hotels Ltd by next quarter, Chief Financial Officer Anil Goel said on Monday.

It had earlier said it would decide on the bid by March-end. Indian Hotels' board is considering the matter, Goel said.

In November, U.S.-listed Orient-Express, which owns the Hotel Cipriani in Venice and the '21' Club in New York, rejected a $1.2 billion unsolicited takeover offer from Indian Hotels as too cheap.

Earlier on Monday, Indian Hotels said its June-quarter net profit more than doubled to 97.8 million rupees despite flat sales.

 

(Reporting by Aditi Shah; Editing by Anand Basu)