Indian Hotels acquires 10% in Orient Express (update)
Indian Hotels acquires 10% in Orient Express (update) The board of directors of Indian Hotels (Q, N,C,F)* Company at its meeting held on Sep. 17, 2007, approved an investment of USD 211.28 million made by Samsara Properties, a 100% off shore subsidiary of the company, towards acquisition of 10.01% shares in Orient-Express Hotels. Orient-Express is listed on the New York Stock Exchange. > The investment creates a platform for the company to seriously explore the possibility of an alliance between the company and Orient-Express Hotels. Such an alliance will be complementary to both organisations and of mutual benefit, the company said.
A friendly and constructive discussions between the two companies are expected to take place soon.
Appropriate disclosure of this investment is being concurrently filed with the Securities Exchange Commission, USA.
Shares of the company gained Rs 1.85, or 1.43%, to trade at Rs 131.50. The total volume of shares traded was 357,687 at the BSE. (12.02 p.m, Tuesday)
