Ways2Capital Reviews : Indian Hotels Clarifies That It Has Not Acquired The Connaught Hotel, Awaits Letter Of Reward

Indian Hotels Company Limited (IHCL), in its filing on BSE, clarifies that it has not acquired The Connaught Hotel. The property as on date belongs to New Delhi Municipal Council (NMDC).

IHCL mentioned that it had participated in an e-auction conducted by NMDC on June 20, 2018 for grant of licencing rights to operate the hotel. NMDC has declared that the company is the successful bidder. However, the letter of award is awaited from NMDC. IHCL has not entered into any agreement with NMDC.

Furthermore, with regard to IHCL’s managed hotel, Taj Mansingh, NMDC has decided to conduct a fresh bid for it. This is after an unsuccessful first attempt of auctioning as less than three bids were received including IHCL for retaining the property. The bidding would take place on July 18, 2018.

The stock of IHCL closed at a price of Rs135.2, up by 2%, on June 22, 2018.
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About Bhoomi Desai