Acquisitions24 Oct 2024, 06:50 pm
Indian Hotels Co. Ltd. Invests INR 49.99 Crores in Wholly-Owned Subsidiary Zarrenstar Hospitality
AI Summary
The Indian Hotels Company Limited (IHCL) has invested INR 49.99 Crores in Zarrenstar Hospitality Private Limited, a Wholly-Owned Subsidiary, by subscribing to its Rights Issue. The investment will be used for developing a hotel near Cochin International Airport. Zarrenstar Hospitality, incorporated on February 5, 2020, had a turnover of INR 0.55 Crores as of March 31, 2024. IHCL's shareholding in Zarrenstar remains at 100% post this investment.
Key Highlights
- IHCL invested INR 49.99 Crores in Zarrenstar Hospitality, a Wholly-Owned Subsidiary.
- The investment is through a Rights Issue subscription.
- Zarrenstar is developing a hotel near Cochin International Airport.
- Zarrenstar Hospitality was incorporated on February 5, 2020, and reported a turnover of INR 0.55 Crores in FY 2023-2024.
- IHCL's shareholding in Zarrenstar remains at 100% post this investment.