Indian Hotels Company Ltd. (IHCL) of the Tata Group has announced the signing of a binding agreement for the acquisition of the balance 14.28% equity interest in ELEL Hotels and Investments Limited (ELEL) from the Nanda family for an unspecified amount.
This will make IHCL the 100% leasehold owner of the landmark Sea Rock hotel site, in Bandra, Mumbai, by December 31, 2021.
Puneet Chhatwal, managing director and CEO, IHCL, 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.”
The board of directors of IHCL on November 11, 2019, had approved the terms for the settlement to acquire 14.28% shareholding.
The payment will be structured through multiple instalments staggered over a period, with full buyout by December 31, 2021. This settlement will ensure 100% control of shareholding of IHCL and pave the way for redevelopment of the hotel property which was completely demolished several years ago. This property is located adjoining IHCL’s Taj Landsend and a larger hotel complex was planned.
