Indian Hotels board approves stake sale in 4 inoperative subsidiaries1 min read . Updated: 04 Feb 2015, 10:43 PM IST
The stakes will be sold to Taida Trading and Industries Ltd
Mumbai: The Indian Hotels Co. Ltd on Wednesday said the company’s board has approved the sale of its stake in four inoperative subsidiary companies.
The stakes will be sold to Taida Trading and Industries Ltd, the Tata Group firm said in a statement to exchanges. The price will be determined through a third-party valuation.
Indian Hotels, which runs the Taj Group of hotels, will sell its 55% stake in Ideal Ice and Cold Storage Ltd, its 99.99% holding in Residency Food and Beverages Ltd, a 95.50% stake in Taj Rhein Shoes Co Ltd, and a 100% stake in Tifco Security Services Ltd.
“The objective of the foregoing is to simplify the company’s operating structure and no material impact is expected to accrue, pursuant to the aforementioned divestments," the company said in the statement.
The firm will also restructure its overseas investments in its offshore assets in a single 100% owned offshore subsidiary company, it said.