The Indian Hotels Company Limited (IHCL) announced the signing of a binding agreement for the acquisition of the balance 14.28 per cent equity interest in ELEL Hotels and Investments Limited (ELEL) from the Nanda family. This will make IHCL the 100 per cent leasehold owner of the landmark Sea Rock hotel site by 31st December 2021.
Commenting on the signing of this agreement, Puneet Chhatwal, Managing Director and Chief Executive Officer, 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 seafront hotel in South Asia.”
IHCL’s board of directors on November 11, 2019, approved the terms for the settlement to acquire 14.28 per cent shareholding. The payment will be structured through multiple installments staggered over a period, with a full buyout by December 31, 2021. This settlement will ensure 100 per cent control of shareholding.