The Indian Hotels Company (IHCL), hospitality major, has signed a binding agreement to acquire the remaining 14.28 percent stake in ELEL Hotels and Investments.
The deal will make the company 100 percent leasehold owner of the Sea Rock Hotel in Mumbai by the end of December 2021. ELEL Hotels and Investments, a subsidiary of IHCL, holds long-term land lease for Sea Rock.
IHCL's board of directors on 11 November 2019 approved the terms for the settlement to acquire the remaining shareholding.
The payment will be structured through multiple installments over a period, with full buyout by 31 December 2021.