Date:25/5/11,
Private Equity,
Indian Hotels Co Ltd, the country’s largest hospitality firm which runs a chain under the Taj Hotels brand, is raising its equity stake in an associate firm Piem Hotels and making it a subsidiary with an investment of up to $11.3 million (INR 510 million).
The hotel company, owned by the diversified Tata Group, has not clarified how much extra stake it is buying and whether it is done through secondary sale by its joint venture partner or through fresh issue of shares. Piem Hotels is a joint venture between Indian Hotels and the Nagpal family.
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