CHENNAI: Indian Hotels Company Ltd (IHCL), part of the Tata Group, has acquired shares worth Rs 101 crore in its subsidiary ELEL Hotels and Investments Ltd through a rights issue.
The investment is part of IHCL’s strategy to strengthen its ownership and support the financial structure of its subsidiaries. ELEL Hotels owns the iconic Sea Rock property in Mumbai, which is being redeveloped into a luxury hospitality complex.
IHCL said the infusion of funds will help the subsidiary meet its business requirements and aid in the progress of the redevelopment project. The rights issue allowed IHCL to maintain its stake and consolidate control over ELEL Hotels.
The move underscores IHCL’s continued focus on expanding its luxury portfolio and unlocking value from strategic assets, particularly in Mumbai, where it already operates the Taj Mahal Palace and other marquee properties.