Transition of its Joint Venture - TajGVK Hotels & Resorts Ltd

Code BSE: 532390 NSE:

TajGVK Hotels & Resorts Ltd announced a transition of its joint venture with the GVK-Bhupal family in Taj GVK Hotels and Resorts Ltd. to a long-term management agreement for its portfolio of hotels. IHCL has entered into a binding Sale & Purchase Agreement to sell its entire shareholding of 25.52% in TAJ GVK to the GVK-Bhupal family. The GVK-Bhupal family will continue to be promoters and will hold 74.99% in the company on completion of the transaction. IHCL will continue to manage the currently operational 6 hotels along with the upcoming hotel in Yelahanka, Bengaluru. GVK-Bhupal Family, along with IHCL will jointly evaluate opportunities in the Indian hospitality sector, outlining a strong commitment to participate in the sector's growth. Mr. Krishna Bhupal, Joint Managing Director, Taj GVK Hotels & Resorts Limited, said: “The GVKBhupal family and IHCL, for over two decades, have established a portfolio of seven hotels with over 1,500 keys. Our long-standing association is a benchmark in India’s hospitality landscape, featuring marquee assets at landmark locations in Mumbai, Hyderabad, Chennai and Chandigarh, complemented by IHCL’s world renowned hospitality.