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TajGVK Hotels & Resorts Ltd.

BSE: 532390 Sector: Services
NSE: TAJGVK ISIN Code: INE586B01026
BSE 15:28 | 26 Oct 148.25 1.70
(1.16%)
OPEN

146.60

HIGH

149.15

LOW

146.60

NSE 15:19 | 26 Oct 147.75 1.20
(0.82%)
OPEN

147.45

HIGH

149.50

LOW

146.25

OPEN 146.60
PREVIOUS CLOSE 146.55
VOLUME 14198
52-Week high 161.15
52-Week low 102.20
P/E
Mkt Cap.(Rs cr) 930
Buy Price 148.25
Buy Qty 34.00
Sell Price 148.50
Sell Qty 45.00
OPEN 146.60
CLOSE 146.55
VOLUME 14198
52-Week high 161.15
52-Week low 102.20
P/E
Mkt Cap.(Rs cr) 930
Buy Price 148.25
Buy Qty 34.00
Sell Price 148.50
Sell Qty 45.00

TajGVK Hotels & Resorts Ltd. (TAJGVK) - Company History

TajGVK Hotels & Resorts Ltd is a joint venture company between Indian Hotels Co Ltd a Tata group company and the Hyderabad-based GVK Group. The company is engaged in the hospitality and tourism industry. The company currently has operations in Hyderabad Chandigarh and Chennai.TajGVK Hotels & Resorts Ltd was incorporated in the year 1995. During the year 1999-2000 the company made a tie-up with a leading Hotels Chain 'Taj Group of Hotels' as a Strategic Investor-cum-operating Alliance with a view to enhance the services and improve the overall operations. Also the Indian Hotels Company Ltd had invested an amount of Rs 40 crores in the company.During the year the company changed their name from GVK Energy Resources Ltd to GVK Hotels & Resorts Ltd as a part of the restructuring programme so as to bring the entire hospitality business of the group under one company. The company made a scheme of arrangement with Novopan Industries Ltd and Scheme of Amalgamation with Hotel Sree Krishna Ltd during the year. Accordingly the Hotel Division of Novopan Industries Ltd and the entire undertaking of Hotel Sree Krishna Ltd was de-merged and merged with GVK Hotels & Resorts Ltd with effect from April 1 1999. Also the name of the company was changed to TajGVK Hotels & Resorts Ltd.During the year 2002-03 the guestrooms on two floors at Taj Krishna had been completely renovated. Also the company built 'The Deccan Hall' a large convention hall to cater the needs of inter-alia large conferences weddings and exhibitions. During this period the company completed the acquisition of a hotel project at Chandigarh from India Tourism Development Corporation through a process of disinvestment. With the acquisition of 100% equity Punjab Hotels Ltd the owning company of Chandigarh hotel project became a wholly owned subsidiary of the company.During the year 2003-04 the Banquet Hall at Taj Krishna was completely renovated into 'The Grand Bal Room' providing a luxurious and exquisite ambience using the finest Italian marble intricate inlay and wood work rich hand woven carpets and ornate chandeliers. Also they renovated about 100 guestrooms between the three hotels during the year. A new car park facility to accommodate about 250 cars was added at Taj Residency. Punjab Hotels Ltd the owning company Chandigarh Hotel Project was merged with the company with effect from November 1 2002.In June 20 2005 the company commissioned the first branded five star hotel in the city of Chandigarh Taj Chandigarh. The hotel is the first branded five star hotel in the city and has 152 guestrooms coffee shop 2 restaurants bar and banquet halls. During this period the company acquired Sri Tripurasundari Hotels Ltd which had a partly built hotel in Chennai. During the year 2006-07 Sri Tripurasundari Hotels Ltd merged with the company with effect from April 1 2006. During the year 2007-08 the company added a new restaurant restobar and 23 guest rooms in the existing block of Taj Deccan at a cost of Rs 25 crore. Also they plan to add 180 rooms at the cost of Rs 100 crore. The company is proposing to construct the service apartments (43 nos) 7000 sq ft spa and the additional car parking facility at the existing premises of Taj Krishna at an estimated cost of Rs 75 crores. They are planning to open a shopping arcade for premium international luxury brands in the hotel.In December 2008 the company launched their new premium Five Star Hotel in the centre of Chennai by the name Taj Mount Road Chennai. The company is in the process of identifying and acquiring land in Bangalore Jaipur Kodaikanal and Amritsar for hotel projects.

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