Promoted by the Reddy group of South India, Oriental Hotels entered into a technical assistance and operating contract with the Indian Hotels Company (IHC). Taj Coromandel, the flagship hotel, was inaugurated in 1974. In 1975, the entire hotel was functioning with 224 guest rooms. In 1985, the company signed an agreement with Covelong Beach Hotels (India) to operate their Fisherman's Cove Beach Resort in Madras. It also signed an operating contract for the Emboodhu Finolhu Island Resort, Maldives. In 1985, the company took on lease, the Malabar Hotel at Cochin which was extensively renovated and opened to guests in 1986. In 1988-89, the company entered into an agreement with the International Airports Authority of India to operate snackbars at Madras Airport. In Jun.'93, it offered rights at a premium of Rs 60, to raise part funds required to renovate, refurbish, modernise and upgrade its hotels. In 1994-95, the company concluded an operating agreement with OEL International, Hongkong, to render technical services for its Chicago based hotel - Executive Plaza. The US based wholly owned subsidiary was set up from proceeds received out of $30 mln GDRs issue. In 1995-96, the company acquired controlling stake in Coramandel Hotels. During the year 1999-2000, in a major restructuring exercise of international operations, the Executive Plaza Hotel, Chicago, USA was sold. OHL (HK) plans to expand by making long term equity investments in St. James Court Hotel, London, Taj Lanka Resorts Limited, Sri Lanka and Taj Maldives Pte. Ltd, Maldives. During the year 2000-2001, the Company continued with its plans to upgrade and modernise the facilities in all its hotels. The heritage wing at the Luxury Resort Hotel Taj Malabar after major renovation and refurbishment, covering the lobby, main block, guest rooms was commissioned in March 2001. Taj Malabar Hotel has added a Thai Restaurant as part of its new offering to the guests. The Phase II of renovation covering 15 cottages at Luxury Resort, Fisherman's Cove was also completed during the year. The company has considered the proporsal of amalgamation of Covelong Beach Hotel (India) and Coromandel Hotel with the company. During the year 2002-03, Scheme of Amalgamation of Orient Holdings Ltd and Fishcove Leasing and Investment Ltd with the Company was approved by the Honble High Court of Judicature at Madras.