Indian Hotels Company (IHCL), the owner of the Taj chain of hotels, has acquired a 10 per cent stake in the NYSE-listed Orient-Express Hotels for nearly Rs 850 crore through open market operations.
This acquisition may be a precursor to an association with Orient-Express, which owns or part-owns and manages 35 hotels in 25 countries.
The Tata group company has also written a letter to James B Hurlock, chairman of the Orient-Express board, seeking an appointment to discuss a possible alliance with the company.
Sources in the know of the development said IHCL might scale up its stake in Orient-Express, depending on the outcome of the meeting. Samsara Properties, an IHCL subsidiary which has bought the shares of Orient-Express, has borrowed enough funds to scale up holding.
Read more in The Business Standard article.
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