Indian Hotels board approves stake sale in 4 inoperative subsidiaries

The stakes will be sold to Taida Trading and Industries Ltd

Published4 Feb 2015, 10:43 PM IST

The firm will also restructure its overseas investments in its offshore assets in a single 100% owned offshore subsidiary company, it said.<br /> — The firm will also restructure its overseas investments in its offshore assets in a single 100% owned offshore subsidiary company, it said.

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.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.

Business News CompaniesIndian Hotels board approves stake sale in 4 inoperative subsidiaries

MoreLess

First Published:4 Feb 2015, 10:43 PM IST

Get Instant Loan up to ₹10 Lakh!

Most Active Stocks

Market Snapshot

Top Gainers
Top Losers
52 Week High

Trending In Market

Recommended For You

More Recommendations

Gold Prices

Fuel Price

Petrol
Diesel

Popular in Companies

Home Markets Premium Mint Shorts