Taj hotel holding firm takes stake in Sri Lanka unit
ECONOMYNEXT – A Tata hotel holding company has taken a 24.62 percent stake in Tal Lanka Hotels which owns Taj Samudra Hotel in Colombo under a plan by the Indian conglomerate to restructure its overseas resorts.
The Netherlands-based IHOCO BV, a wholly owned investment holding company of the Tata group’s India Hotels Company Ltd, which owns the Taj Group, bought 34.4 million shares of Tal Lanka Hotels at 25 rupees a share.
Apart from Taj Samudra Hotel in Colombo, Tal Lanka Hotels manages the operations of Airport Garden Hotel at Seeduwa.
IHCL has drawn up an international restructuring plan to restructure its overseas hotel investments and bring them under one entity, IHOCO BV.
The company said in an Indian stock exchange filing that it will sell its entire shareholding in International Hotels Management Services (IHMS) South Africa, TAL Lanka Hotels and TAL Hong Kong to IHOCO BV.
(Colombo/January 06, 2016)