Indian Hotels

GIC releases terror insurance claims to Taj and Oberoi

General Insurance Corporation (GIC Re) has so far released Rs 167 crore as insurance claim to the Indian Hotels and EIH Ltd, the operators of prestigious Hotel Taj and Hotel Oberoi that suffered 26/11 terror attacks in Mumbai, claiming several lives and making huge property and heritage loss to the hotels.

GIC Re's Chairman and Managing Director, Yogesh Lohiya, said, "We have released Rs 167 crore to both hotels till now. The renovation work is on and we are waiting for the final report to settle the final claim."

Indian Hotels to acquire Sea Rock for Rs 680 crore

Indian Hotels to acquire Sea Rock for Rs 680 croreIndian Hotels Company Ltd (IHCL) has announced that it has acquired Sea Rock Hotel in Mumbai.

The company has invested Rs 680 crore for the acquisition.

IHCL, which controls the Taj Group of hotels, has also picked 85 per cent stake in ELEL Hotels and Investments, the company which holds a long-term sub-lease of the land on which Sea Rock is built.

Indian Hotels’ Q3 net profit falls 38%

TataMumbai-based Indian Hotels, a Tata Group company has witnessed 37.69% decline in its net profit for the quarter ended December 31, 2008.

The Company has posted a profit from ordinary activities after tax of Rs 83.85 crore for the quarter ended December 31, 2008 as compared to Rs 1345.80 million for the quarter ended December 31, 2007.