Prithvi Raj Singh Oberoi, the 94-year-old veteran corporate hotelier who redefined India's hospitality industry, passed away on Tuesday. The Chairman Emeritus of The Oberoi Group, popularly known as 'Biki', built a sprawling chain comprising 32 hotels during his lifetime. EIH owns the eponymous Oberoi and Trident hotel chains.
Sensex under pressure as Yellen signals rate hike; banking stock slip.
The promoters of East India Hotels Ltd, owners of the Oberoi brand and the largest hotel chain after the Tata-owned Indian Hotels and ITC Welcome Group, are in advanced discussions with leading corporate houses and private equity firms to divest a strategic stake, possibly 26 per cent.
The key risks against a fast recovery would include long delays in business travel resumption, delays in commissioning, etc.
Given the hotel's prime location, it is obvious that there will be some serious bidders trying their luck when an auction is held in the second half of this calendar year.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
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