Hotel Leelaventure Ltd approved the modifications in the draft scheme of amalgamation to be submitted to the High Court for amalgamation of the wholly owned subsidiary, Leela Hotels Ltd with the company.
During the April-June quarter, Russell Credit picked up 1.1 per cent in the hospitality major, taking total stake to 13.98 per cent, while the promoters hold a 56.57 per cent.
Initiative is being led by Samyukta Nair, the grand daughter of 90-year-old founder of the Hotel Leelaventure C P Krishnan Nair.
The firm, which owns, operates and manages hotels, palaces and resorts, is likely to hive-off the two properties into separate entities.
The grand old man of Indian hospitality industry, Captain C P Krishnan Nair on Thursday stepped down as the Chairman of Hotel Leelaventure, the company he founded in 1981.
Chennai's newest luxury hotel, situated on the southern end of the Marina beach, is being readied to welcome guests. Sea-facing, the Chettinad Palace-inspired opulent hotel from Hotel Leelaventure Ltd will open early November, just in time to cash in on the peak-season demand.
Navi Mumbai airport can become a hospitality hub, say hoteliers.
Airports authority demands Leela fork out 7.5% of gross turnover of Mumbai hotel as royalty.
Hotel Leelaventure Ltd on Friday said it has acquired the majority stake in Kovalam Hotels Ltd.
ITC's investment arm Russell Credit has raised its stake in Hotel Leelaventure to 7.37 per cent --an increase of 2.26 percentage points. The promoters of Mumbai-based Leela group, meanwhile, said they were not interested in tying the knot with ITC as a strategic partner in the growing hotels business.
With the addition of new capacities, the company aims to double its turnover to Rs 1,000 crore (Rs 10 billion) by end of FY10 from Rs 514 crore posted during the last financial year ended March 31, 2008. New hotel properties will come up in Chennai, New Delhi and Udaipur. This will increase its room inventory to almost 2,000 rooms from 1,125 rooms.
A sector-wise analysis shows that a total of five PE transactions in the energy and natural resources sector led the value chart.
The grand old man of Indian hospitality, Captain C P Krishnan Nair passed away at a private hospital in Mumbai on Saturday.
Marriott-Starwood, Carlson Rezidor and others are winning the tug-of-war for customers with local hotel chains as they add new properties at a breakneck speed.
ICICI Bank, HDFC Bank, IndusInd Bank down between 0.2%-1.4% each.
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.
Sensex rises, Nifty ends at record high; RIL shares rally.
Act says remuneration to directors and key managerial personnel should involve a balance between fixed and incentive pay.
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