Hospitality firm Indian Hotels Company Limited (IHCL) has completed the acquisition of complete shareholding in ELEL Hotels & Investments from the Nanda family.
The deal to acquire the remaining 14.28% stake in ELEL Hotels and Investment by the Tata Group-owned hospitality major was signed in July last year.
In a regulatory filing, the hospitality major said: “Further to our letters dated 11 November 2019 and 21 July 2020, respectively, we are pleased to confirm that consequent to acquisition of balance 14.28% equity stake in ELEL Hotels and Investments Ltd (ELEL), ELEL (holding the leasehold rights of the erstwhile Sea Rock hotel) has become a wholly owned subsidiary of the company effective 28 December 2021.”
At the time of signing the agreement, IHCL managing director and CEO Puneet Chhatwal said: “The visionary redevelopment of Sea Rock promises to be not only another defining landmark in India’s commercial capital of Mumbai but also an opportunity to build an iconic sea front hotel in South Asia.”
Recently, Indian Hotels Company and TATA Projects teamed up for the construction of the new Ginger hotel at Santacruz, Mumbai.
The 371-room hotel project, which will be built by all-women team, will have a built-up area of more than 19,000m2. It is planned to be constructed in 19 months period.
The building process will incorporate the latest construction techniques and technologies.
Located in close proximity to Mumbai Airport and Western Express Highway, the project will serve as a flagship Ginger hotel.
In September this year, IHCL added new a new hotel in the state of Goa.
Offering views of the Arabian Sea and easy access to the beach, and popular destinations for art, culture and nightlife, the Miramar hotel features modern design.