MUMBAI, INDIA Indian Hotels Co., which runs the countrys biggest chain of five-star hotels, plans to acquire hotels in Indian states where it doesnt have any presence, the Business Standard reported, citing Managing Director R.K. Krishna Kumar. The paper reported that the company is planning buyouts in Guwahati, Gujarat and Madhya Pradesh.
Indian Hotels recently canceled plans to buy the 190-room Carlyle hotel in Manhattan amid delays arranging funds and getting clearances from the central bank. The company is likely to buy a hotel in Chennai, India by the end of the month. (1/12/01)
SOURCE:Bloomberg News