Kamat Hotels (India) Ltd

Kamat Hotels (India) Ltd

Kamat Hotels (India) (KHIL) promoted by Mumbai based Kamat Group in 1986 operates a 245 room five star hotel 'The Orchid near Mumbai domestic airport. The company also manages two hotels -- Kamats Khandla Hotel and The Kamats Plaza. KHIL came out with its initial public offering in Oct. '94 at a premium of Rs 50 aggregating Rs 30.60 cr and 5.5 lac 14% NCDs of Rs 100 aggregating Rs 5.5 cr. The issue was to expand and modernise The Kamats Plaza by constructing 252 double rooms with additional facilities including restaurants discotheques health clubs etc. The estimated project cost was Rs 111.76 cr. The company has commenced a new tour and travel division and also started a hotel and catering institute in Bombay. KHIL has entered into an MoU for managing a 94-room residential hotel at Bandra with conference and other facilities but this Bandra project has been rescheduled due to slackness in the development at the Bandra-Kurla complex. KHIL has purchased 25 acres of land at Kumarakum Kerala for a resort. Asia's first Ecofriendly certified five star hotel The Orchid of the company became fully operational with an 245 rooms during the year 1999-2000. The Orchid has won prestigious award like the Ecotel Industry Pioneer Status 1999 Award Green Globe Achievement Award 2000 IH & RA Green Hotelier & Restaurateur Environmental Award 1999 for outstanding contribution to sustainable tourism. The company has also entered into an contract for managing Hotel Siddharth a 32 room hotel at Nashik Maharashtra for 35 years. The Building plans for Hotel Siddharth at Nasik have been submitted to the Municipal Corporation for renovation and redevelopment.The Himco (India) Limited amalgamated with the Company pursuant to the Scheme of Amalgamation approved by the Bombay High Court vide Order dated 9th December 2005. The Company on 21st May 2009 increased shareholding in B W Highway Star Private Limited from 26% to 75% by acquiring 49% Equity Share Capital of the said Company and consequently B W Highway Star Private Limited became a Subsidiary of the Company effective from 21st May 2009. During 2009 the third phase of refurbishing of The Orchid Hotel at Mumbai was completed; completed first phase of the project at Fort Mahodadhi Palace Puri Orissa and the 30 rooms of Lotus Konark became operational.During 2010-11 4.16% share capital of B W Highway Star Private Limited (Subsidiary Company) was transferred to Company out of the 25% share capital of the subsidiary company agreed to be purchased by the Company pursuant to the Share Purchase Agreement dated 8th February 2010. Consequently 79.16% share capital of the subsidiary company is presently registered in the name of Company and as per the said Share Purchase Agreement the remaining 20.84% shares are to be transferred to the Company by 1st February 2013. Fort Mahodadhi Palace Private Limited became a wholly owned subsidiary of the Company with effect from 30th April 2011.The name of B W Highway Star Pvt Ltd subsidiary company was changed to Orchid Hotels Pune Pvt Ltd (OHPPL) effective from April 13 2012. The Orchid' Pune and VITS Pune units of OHPPL increased the number of operational rooms and other facilities during 2011-12. Further the Orchid Convention Centre commenced operations in 2012. Fort Mahodadhi Palace Private Limited Kamats Restaurants (India) Pvt Ltd and Fort Jadhavgadh Hotels Pvt Ltd became 100% subsidiaries of the Company in FY 2011-12 and Jadhavgadh Hotels Pvt Ltd became 100% subsidiary of the Company.The name of Fort Mahodadhi Palace Private Limited subsidiary company was changed to Fort Mahodadhinivas Palace Private Limited with effect from 23rd July 2012. During 2012-13 Orchid Hotels Pune Private Limited (OHPPL) became wholly owned subsidiary of the Company upon transfer of 16.67% shares in the paid up capital of OHPPL pursuant to Share Purchase Agreement dated 8th February 2012.During 2013-14 Jadhavgadh Hotels Private Limited ceased to be a subsidiary of the Company.