Indian Hotels Company Ltd (IHCL) and their subsidiaries are collectively known as Taj Hotels Resorts and Palaces and are recognized as one of Asia's largest and finest hotel company. The company together with their subsidiaries and their jointly controlled entities is engaged in the business of hoteliering. The inventory of the Taj Group of Hotels stands at 145 hotels with 17145 rooms. The Group's portfolio also includes 42 hotels under the Ginger brand which has an aggregate inventory of 3763 rooms. The company as on 31 March 2018 has 21 Subsidiaries 8 Joint Ventures and 6 Associates. Indian Hotels Company Ltd was incorporated in the year 1902. In the year 1903 the company opened their first hotel The Taj Mahal Palace & Tower Mumbai. The company then undertook major expansion of The Taj Mahal Palace & Tower Mumbai by constructing an adjacent tower block and increasing the number of rooms from 225 to 565 rooms. With the completion of its initial public offering in the early 1970s the company began a long term programme of geographic expansion and development of new tourist destinations in India which led to their emergence as a leading hotel chain in India. From the 1970s to the present day the Taj Group has played an important role in launching several of India's key tourist destinations working in close association with the Indian Government. The company was active in converting former royal palaces in India into world class luxury hotels such as the Taj Lake Palace in Udaipur the Rambagh Palace in Jaipur and Umaid Bhawan Palace in Jodhpur. In the year 1974 the Taj Group opened India's first international five star deluxe beach resort the Fort Aguada Beach Resort in Goa. Also they opened five-star deluxe hotel Taj Coromandel in Chennai. In the year 1977 they acquired an equity interest and operating contract for the Taj President a business hotel in Mumbai. In the year 1978 they opened the Taj Mahal Hotel in Delhi. In the year 1980 the Taj Group took their first step internationally by opening their first hotel outside India the Taj Sheba Hotel in Sana'a Yemen. Also they acquired interests in the Crown Plaza - James Court London and 51 Buckingham Gate Luxury Suites and Apartments in London. In the year 1984 the Taj Group acquired under a license agreement each of The Taj West End Bangalore Taj Connemara Chennai and Savoy Hotel Ooty.In the year 1989 the company opened the five-star deluxe hotel Taj Bengal in Kolkata. With this opening the Taj Group became the only hotel chain with a presence in the five major metropolitan cities of Mumbai Delhi Kolkatta Bangalore and Chennai. In the year 1990 the company set up Taj Kerala Hotels & Resorts Ltd along with the Kerala Tourism Development Corporation. In the year 1998 they opened the Taj Exotica Bentota which strengthened the Taj Group's market position in Sri Lanka. In the year 2000 the company entered into a partnership with the GVK Reddy Group to set up Taj GVK Hotels and Resorts Ltd and thereby obtained a prominent position in the market in the southern business city of Hyderabad holding three hotels and a major share of the market. In the year 2001 the company took on the management contract of Taj Palace Hotel Dubai and established themselves as an up-market hotel in the Middle East region. In September 2002 the company acquired equity interest in the former Regent Hotel in Bandra which gave the Taj Group access to the midtown and North Mumbai market. The hotel has since been renamed as the Taj Lands End Mumbai. In October 2002 the company obtained licenses to manage and operate two leisure hotels the Rawal-Kot Jaisalmer and Usha Kiran Palace Gwalior. In the year 2003 the company celebrated the centenary of the opening of their Flagship hotel the Taj Mahal Palace & Tower Mumbai. In the year 2004 they opened Wellington Mews their first luxury serviced apartment in Mumbai. Also they launched the first of its 'value-for-money' hotels in Bangalore branded 'Ginger' which has 11 hotels in various locations in India and is owned through their wholly owned subsidiary. In the year 2005 the company acquired on lease The Pierre a renowned hotel in New York City to enter the luxury end of the developed hotel markets internationally. The company entered into a management contract for Taj Exotica in Palm Island Jumeirah in Dubai to expand their existing presence in the United Arab Emirates. The company enhanced their position as an operator of converted palaces by entering into a management contract for Umaid Bhawan Palace Jodhpur in the princely state of Rajasthan in India. In February 2006 the company through a subsidiary acquired the erstwhile 'W' hotel in Sydney Australia and renamed it as 'Blue Woolloomooloo Bay'. In October 2006 as per the scheme of arrangement Indian Resorts Hotel Ltd Gateway Hotels and Getaway Resorts Ltd Kuteeram Resorts Pvt Ltd Asia Pacific Hotels Ltd and Taj Lands End Ltd were amalgamated with the company. In the year 2007 the company acquired Ritz Carlton in Boston and Taj Campton Place in San Francisco to expand their presence in the US market. They commenced operation of their second wildlife lodge at Baghvan Pench.In the year 2008 the company partnered with Saraya Islands to Operate Taj Exotica Hotel in Ras Al Khaimah United Arab Emirates. They joined hands with Tashi Group to create the new benchmark for premium hotels in Bhutan - Taj Tashi Bhutan. The company and ALDAR Hotels and Hospitality entered an exclusive agreement involving a number of hotel projects. The first hotel to be developed by ALDAR Hotels and Hospitality under the agreement is a five-star 500 room luxury resort hotel which will be in a spectacular waterfront location on ALDAR's mega entertainment destination YAS Island. During the year the company launched The Jiva Spa Boat at Taj Lake Palace Udaipur. The Gateway Hotel Athwa Lines Surat added a new block of rooms to take up their inventory to 208 making it the largest hotel in Gujarat. It also launched three brand new restaurants - 'Flow' the all day dining restaurant 'Spice' an Indian specialty restaurant and 'T3' a Tea lounge and Deli. They unveiled a new world-class premium hotel in Chennai - Taj Mount Road. In December 21 2008 The Taj Mahal Palace & Tower reopened the rooms in the The Taj Mahal Tower.During the year 2009-10 the company added seven new hotels in the Taj portfolio which included Vivanta by Taj at Panaji Goa and The Gateway Hotel Jodhpur apart from the 5 Ginger hotels at Durg Guwahati Pune Jamshedpur and Surat. Vivanta by Taj Coral Reef Maldives and The Pierre New York were also reopened during the year after extensive renovations. The inventory of the Taj Group now stands at 103 hotels with 12243 rooms. On the international front Taj Cape Town South Africa was soft opened in February 2010 with an inventory of 166 rooms. The company added another significant hotel to their Luxury portfolio with the opening of the TAJ Cape Town and Banjar Tola Kanha. These hotels are owned by the associate companies and are under a management contract with the company.During the year the company acquired the erstwhile 'Sea Rock' hotel at Bandra Bandstand Mumbai. The company acquired land on lease from the Government of Andaman & Nicobar Islands to set up the first 5-Star Luxury resort on Havelock Island. Also the company through one of their associate companies entered into a lease agreement with the Punjab Government for a land parcel in Amritsar to develop a Vivanta by Taj hotel. The company through their subsidiary invested into developing a 'Vivanta by Taj' resort at Coorg. The company also entered into management contracts for several properties in India which will commence operation over the next few years. New Management contracts have been signed for a Vivanta by Taj resort in Srinagar and for Gateway hotels in Bhandup (Mumbai) Shirdi (Near Nashik) and Ludhiana.During the year 2010-11 the fully restored heritage block of the Taj Mahal Palace Mumbai reopened its doors to guests on August 15 2010. The spectacular Falaknuma Palace another signifi cant addition to the company's Palaces portfolio was opened in November 2010. Four new Ginger hotels at Manesar Chennai East Delhi and Indore commenced operations during the year. The company ventured into new geographies by entering into management contracts in Mexico and British Virgin Islands for development of high end Luxury Resorts with 100 and 206 keys respectively. The company also signed a management contract for establishing a Taj Luxury Hotel in Marrakech Morocco which is expected to open by the last quarter of 2011.The company continued their thrust on flagging properties under the 'Gateway' brand in prominent economic commercial and industrial centres of India by signing management contracts for hotels in Chandigarh Ludhiana and Kolhapur. The company also signed management contracts in leisure destinations such as Shimla and Rishikesh for a Gateway and Vivanta by Taj resort respectively. Furthermore the company entered into MOUs for Gateway Hotels in Chiplun Maharashtra and in Faridabad NCR.The company invested through one of their subsidiaries in 'Vivanta by Taj' resort at Coorg which is scheduled to open by end of 2011. The resort shall be operated by the company on a management contract basis. Of the 64 room expansion of Vivanta by Taj Fisherman's Cove hotel in Chennai 48 rooms are currently operational and work on the balance 16 rooms is in progress. Vivanta by Taj hotels in Coimbatore and Hyderabad being developed by the company's associates are expected to open during the current financial year.In April 2011 the company made a foray into one of India's most beautiful destinations Jammu & Kashmir by opening an 89 room Vivanta by Taj resort in Srinagar. The Vivanta by Taj projects in Bekal Gurgaon and The Gateway Hotel in Kolkata are expected to open during the current financial year.In 2012 Tata Group-led Indian Hotels Company Ltd (IHCL) has made an unsolicited bid of USD 1.42 billion for Orient-Express Hotels a US-based luxury hotels group.In 2013 the Delhi Development Authority (DDA) has renewed the lease of Taj Palace Hotel for another 25 years. The Taj Mahal Hotel New Delhi has been awarded the 2013 certificate of Excellence by Tripadvisor. The Taj Falaknuma Palace Hyderabad won 2nd place in the 'Best Overseas Holiday Hotels in Asia and India' category at the Conde Nast Traveller UK Readers' Travel Awards 2013. It also ranked 37th on the list of the 'World's Top 100 Hotel. Taj Hotels Resorts & Palaces won the award for the Best Hotel Chain in India at the UK Business Traveller Awards 2013.In 2014 the Taj Mahal Palace Mumbai was named the Best Overseas Business Hotel with a score of 91 at the Conde Nast Traveller UK Readers' Travel Awards 2014. Taj Falaknuma Palace Hyderabad ranked 5th on the list of World's Best Hotels in Asia & India with a score of 89.72 at the Conde Nast Traveller UK Readers' Travel Awards 2014. Rambagh Palace Jaipur ranked 11th on the list of World's Best Hotels in Asia & India with a score of 84.11 at the Conde Nast Traveller UK Readers' Travel Awards 2014. Souk at The Taj Mahal Palace Mumbai earned the Wine Spectator Award 2014 Taj Mahal Hotel Delhi's iconic restaurant Varq has been voted 36th on the San Pellegrino's list of 50 Best Restaurants in Asia. In 2015 Thai Pavilion at Vivanta by Taj - President Mumbai was declared the best Fine Dining Thai Cuisine Restaurant in South Mumbai at the Times Food & Nightlife Awards 2015. Konkan Cafe at Vivanta by Taj - President Mumbai was declared the best Casual Dining South Indian and Coastal Restaurant in South Mumbai at the Times Food & Nightlife Awards 2015. Trattoria at Vivanta by Taj - President Mumbai was declared the Best Casual Dining 24-hr restaurant as well as Best Italian Restaurant in South Mumbai at the Times Food & Nightlife Awards 2015.During 2015-2016 the company based on an approval of the Board of Directors and The Reserve Bank of India and also Recognizing the importance of restructuring its international investments had embarked on an international restructuring plan to have a simplified structure with one Apex Holding Company which would consolidate the value of material overseas assets under a single overseas entity. This would enhance the Company's fund raising ability and the value of underlying assets would be appropriately reflected in the Company's books along with achieving efficiency in debt service due to bigger size of holding Company and larger up-streaming to one apex Company. IHOCO BV the 100 % offshore subsidiary Company has since become the Company's apex offshore investment holding Company. Holdings in the USA UK Sri Lanka Maldives hotels and the two London restaurants have been shifted to IHOCO BV. Thus eight owned hotels (1584 rooms) and two UK restaurants are now being held through IHOCO BV. The conclusion of the restructuring marks a significant milestone in your Company's ability to facilitate potential value creation.The Board of Directors of the Company as part of its restructuring plan at a meeting held on October 19 2015 approved the amalgamation of International Hotel Management Services LLC (formerly known as International Hotel Management Services Inc.) a wholly held subsidiary ('Transferor Company') into the Company by way of a Scheme of Arrangement amongst the Company the Transferor Company and the respective shareholders and creditors (the 'Scheme') as provided under Sections 391 to 394 of the Companies Act 1956 read with Section 52 of the Act Section 78 and Sections 100 to 103 of the Companies Act 1956. The appointed date for the Scheme is January 1 2016. The intended amalgamation has been approved by the Members at the meeting convened on May 4 2016 on the direction of the Honourable High Court of Judicature at Bombay ('Bombay High Court') where the application seeking permission for the amalgamation was filed.Sea Rock Asset a Marquee site was pursued by the company as part of its drive to further enhance its existing portfolio of exclusive assets in Mumbai.The company has first purchased the balance 80.1% in Lands End Properties Private Limited from the other shareholders and thereafter is seeking to amalgamate Lands End Properties Private Limited with itself. Consequently the step down subsidiaries of Lands End Properties Private Limited viz. Skydeck Properties and Developers Private Limited Sheena Investments Private Limited Luthria and Lalchandani Hotel and Properties Private Limited and ELEL Hotels and Investments Limited have also become subsidiaries of the Company. The Board of Directors at a meeting held on October 19 2015 has approved amalgamation of Lands End Properties Private Limited a wholly held subsidiary ('Transferor Company') into the Company by way of a Scheme of Arrangement amongst the Company the Transferor Company and the respective shareholders and creditors (the 'Scheme') as provided under Sections 391 to 394 of the Companies Act 1956 read with Section 52 of the Act section 78 and Sections 100 to 103 of the Companies Act 1956. The appointed date for the Scheme is March 31 2016. The intended amalgamation has been approved by the Members of the Company at the meeting convened on May 4 2016 on the direction of the Honourable High Court of Judicature at Bombay ('Bombay High Court') where the application seeking permission for the amalgamation has been filed.During 2015-2016 the Board of Directors of the company has also accorded its approval to allow United Overseas Holding Inc (UOH) an indirect Wholly Owned Subsidiary of the Company in the United States to pursue the option of divestment of the Taj Boston hotel at a consideration not being lower than USD 125 million (US Dollars One Hundred and Twenty Five Million)whilst retaining brand presence on the property through Management Services Agreemen subject to approval of members.During 2016-2017 under review Lands Ends Properties Pvt Ltd and International Hotel Management Services LLC ceased to be subsidiaries of the Company pursuant to their amalgamation with the Company i.e. w.e.f from December 19 2016 and September 29 2016 respectively. The Bombay High Court vide its order dated August 12 2016 had approved the Scheme of Amalgamation of International Hotel Management Services LLC which had been filed with the jurisdictional Registrar of Companies on September 15 2016. The Bombay High Court vide its order dated October 13 2016 has also approved the scheme of arrangement between Land End Properties Pvt Ltd and the Company. Pursuant thereto the High Court orders were filed with the jurisdictional Registrar of Companies on December 7 2016 for reduction of capital of the Company and on December 9 2016 in respect of the Scheme.Apex Hotel Management Services (Australia) Pty Ltd ceased to be a subsidiary of the Company w.e.f. March 31 2017.During 2016-2017 the company subsequently obtained the Members approval for the same by a Special Resolution vide Postal Ballot. Accordingly UOH effected on July 12 2016 the divestment of the Hotel through sale of the entire issued and outstanding LLC interests of IHMS (Boston) LLC held by UOH to `AS Holdings LLC Boston' for an aggregate consideration of US$ 125 million (US$ One hundred and twenty five million only). Pursuant to the sale by UOH of its entire LLC interest in IHMS (Boston) LLC the owning company of the Hotel the Hotel continues to be operated and managed by IHMS (USA) LLC an indirect wholly held subsidiary of the Company. IHMS (USA) LLC has entered into a Management Services Agreement with the new owning company thus ensuring continuity of Taj's presence in the Boston market.At a meeting held on 26 May 2017 the Board of Directors of Indian Hotels Company approved the amalgamation of TIFCO a wholly owned subsidiary of the company with the company by way of a Scheme of Amalgamation between TIFCO and the company (the Scheme). The appointed date for the Scheme was 1 April 2017. The National Company Law Tribunal Mumbai Bench (NCLT) vide its order dated 8 March 2018 approved the Scheme. In accordance with the terms of the Scheme TIFCO was amalgamated with the company with effect from the Appointed Date i.e. 1 April 2017 and consequently TIFCO stands dissolved without winding up. Pursuant to the amalgamation Indian Hotels Company has access to significant liquid assets of TIFCO in the form of cash Mutual Fund investments and Inter-Corporate Deposits which can be put to better and more profitable use by the company. The aggregate free reserves of the company have increased by about Rs 140 crore thereby enhancing the company's ability to pay dividend to its shareholders.In October 2017 Indian Hotels raised Rs 1500 crore from a rights issue of equity shares in the ratio of 1 equity share for every 5 fully paid-up equity shares held by the eligible equity shareholders as on the record date. The rights issue was priced at Rs 75 per share. During the financial year ended 31 March 2018 Indian Hotels Company incurred Rs 311.33 crore towards capital expenditure a majority of which was towards Taj Exotica Resort & Spa Andamans and renovations and refurbishments of hotels. Other areas of investment included new Information Technology initiatives. During the year the company opened ten hotels (697 keys). It opened the iconic Taj in Andamans and 9 Ginger hotels in some of India's key cities like Mumbai Gurgaon Lucknow Ahmedabad Vadodara Aurangabad and Goa. The company signed five new hotels across its brands in the financial year - a Taj hotel in Vikhroli in Mumbai Vivanta in Bhopal and three Ginger hotels in Lucknow Vadodara and Goa. The company undertook a phased renovation renovated 800 rooms and other facilities at several of its landmark hotels including the iconic flagship hotel The Taj Mahal Palace Mumbai Taj Lands End Mumbai Taj Bengal Kolkata Taj Exotica Resort & Spa Goa and Taj Fort Aguada Resort & Spa Goa. This has delivered world class products augmented in-room features and refreshed and vibrant culinary destinations.On 16 February 2018 Indian Hotels Company unveiled a comprehensive five-year business strategy `Aspiration 2022' at the Capital Market Day. The strategy aims to strengthen market leadership and achieve transformative growth leading to greater profitability. Key tenets of the plan include unlocking value from efficiencies in scale and simplifying the holding structure for greater profitability.