IHCL inks contract with Muthoot Hotels
Indian Hotels Company (IHCL) has announced that it has inked a management pact with the Muthoot Hotels & Infrastructure Ventures.
The company has entered into the proposed contract for constructing a 200 room gateway hotel in Kochi.
The Indian Hotels Company and its units are together known as Taj Hotels resorts and palaces.
According to the sources, the hotel will be situated off the highway leading to the Kochi International Airport and will be close to the Cochin special economic zone (CSEZ).
While lecturing on the contract, Mr. Raymond Bickson, managing director of the Indian Hotels Company Limited (IHCL) stated, "This initiative into the burgeoning markets is a key aspect of the domestic expansion strategy."
Taj Hotels Resorts and Palaces, a part of the Tata Group, is a worldwide chain of luxury hotels and resorts and consists of 76 hotels, 7 palaces, 6 private islands and 12 resorts and spas in 12 countries across the globe.
Kerala-based, Muthoot Pappachan Group active in industries such as banking and finance, hospitality, automobiles, ceramics and power generation.
Stock of Indian Hotels Company closed at Rs 61, down 1.77 percent on National Stock Exchange (NSE). The total volume of shares traded was 582,941 at the NSE.