Indian Hotels Company

1902
 
 - The Company was incorporated on 1st April 1902 and till 1965 owned
 and managed two hotels, viz., the Taj Mahal Hotel and the Green's
 Hotel, with a view to construct a modern and much larger hotel on
 that
 site.  The Company started the business of hotel, restaurant, cafe,
 tavern, beer house, refreshment room & loading house keepers.  The
 Company owns two other properties known as Willington Mews and
 Mandalik House in Mumbai which are used for parking cars and
 accommodating some staff members.
 
 1972
 
 - The hotel under the name and style Taj Intercontinental Hotel was
 formally opened on 1st August, and progressively commissioned
 thereafter.
 
 1978
 
 - Taj Investment & Finance Co. Ltd., became a subsidiary of the
 Company
 with effect from 7th December.  The Company holds the entire capital
 of
 2,46,110 No. of equity shares of Rs 10 each of this subsidiary.
 
 1979
 
 - The Company finalised negotiations with the Government of Sri
 Lanka
 for putting up, in the first phase, a 400 room hotel of
 international
 standards at Colombo, to be owned by Taj Lanka Hotels, Ltd.
 
 - 20,16,000 Bonus Equity shares issued in prop. 4:5.
 
 1980
 
 - The Company started providing technical know-how and consultancy
 services in the operation of a 186 room hotel known as Taj Sheba
 Hotel
 at Sanaa, capital of North Yemen Republic.
 
 - The Government of India approved the joint venture project and
 permitted the Company to invest in it an amount equivalent to U.S.
 
 million partly by way of subscribing to shares in cash and partly by
 way of earnings from export of Indians goods like furniture,
 fittings,
 carpets and hotel operating equipment.
 
 - The Company borrowed an offshore loan of U.S. .50 million from
 the
 Hongkong & Shanghai Banking Corporation for the purpose of making
 the
 cash investment in the equity share capital of Taj Lanka Hotels,
 Ltd.
 
 1981
 
 - The Company undertook to set up a hotel of international standards
 at
 Calcutta.  The hotel was commissioned during 1988-89.
 
 - 18,14,400 Bonus Equity shares issued in prop. 2:5.
 
 1982
 
 - Delhi Development Authority (DDA) accepted the Company's offer of
 collaboration for the construction of a 500 room hotel in Delhi for
 use
 by the delegates and visitors to the ASIAD '82 to be conducted
 towards
 the end of the year.
 
 - In the second quarter of the year, the Company made a
 rights-cum-public issue of secured convertible bonds of the total
 value
 of Rs 15 crores.  Each bond of Rs 100 comprised a convertible
 portion
 of Rs 25 and a non-convertible portion of Rs 75.  It was proposed to
 increase the rate of interest to 16% and to extend the redemption
 date
 to 15th July, 1999.
 
 - 55,000 - 9.3% Preference shares redeemed at par on 31st December.
 
 1983
 
 - The Company signed an agreement with Spencer International Hotels,
 Ltd. a wholly owned subsidiary of Spencer and Company, Ltd., to get
 licence to operate Connemara Hotel at Chennai, West End Hotel at
 Bangalore and Savoy Hotel at Ootacamund.
 
 1984
 
 - During December, the Company issued 12,00,000-15% secured
 non-convertible debentures of Rs 100 each at par aggregating Rs 12
 crores on `Rights' basis.  These debentures were issued under two
 schemes viz., Non-cumulative interest payment and Cumulative
 interest
 payment.  These debentures are redeemable at a premium of 5% on the
 expiry of seven years from the date of allotment.
 
 1985
 
 - 15,00,000 No. of equity shares issued on 1.8.1985 at a premium of
 Rs
 15 per share on part conversion of 13.5% bonds.
 
 1986
 
 - The Company had taken over Hotel Chandela at Khajuraho on leave &
 licence basis with effect from 18th December.
 
 - The Company commissioned the Jai Mahal Palace Hotel at Jaipur
 during
 the year with 103 rooms.
 
 1987
 
 - During April-May, the Company offered 15,70,000-12.5% convertible
 debentures of Rs 135 each to equity shareholders as rights in the
 proportion 1 debenture for every 5 equity shares held.  This issue
 was
 over-subscribed and additional 3,92,500 debentures were allotted to
 retain over-subscription.  Thus a total of 19,62,500 debentures were
 allotted to equity shareholders on 15th June, 1987.  Another 82,000
 -
 12.5% convertible debentures were offered to employees of the
 Company
 during April-May 1987.  Only 43,621 debentures were taken up.  The
 Balance of 38,379 debentures were allowed to lapse.
 
 - As per the terms of debenture issue, a portion of Rs 35 of each
 debenture was compulsorily converted into one equity share of Rs 10
 each at a premium of Rs 25 per share on 15th December, 1987.  The
 non-convertible portion of Rs 100 of each debenture would be
 redeemed
 at par at the end of seven years from the date of allotment.
 
 - 20,06,121 No. of Equity shares issued on 15.12.1987 at a premium
 of
 Rs 25 per share on part conversion of 12.5% debentures.
 
 1989
 
 - An agreement was signed with the USSR state committee for foreign
 tourism to establish a joint venture to start hotels in Tashkent,
 Samarkand and Bukhara.
 
 - It was also proposed to start another joint venture in India with
 Club Mediteranee Group of France known as `Club Med', to set up
 beach
 resorts in India.
 
 - In addition, it was also proposed to set up a joint venture with
 Maharashtra State Tourism Development Corporation to establish beach
 resorts and hotels in Government owned lands in Maharashtra to be
 operated by the Company.
 
 - 49,28,261 bonus equity shares were issued in prop. 1:2.
 
 1990
 
 
 - The hotel operations were adversely affected due to political
 disturbances within the country and abroad.
 
 1993
 
 - 49,28,261 Rights Equity shares issued (Prop. 1:3, Prem. 450)
 Another
 2,46,413 shares of Rs 10 issued at a prem. of Rs 50 per share to
 employee (all were taken up).
 
 1994
 
 - The 110 room Taj Luxury Hotel at Lucknow was commissioned.  The
 hotel
 was promoted by Taj Kerala Hotels and Resorts Ltd. at Kumarakom in
 Kerala.
 
 - A joint venture Company with Government of Karnataka viz. Taj
 Karnataka Hotels & Resorts, Ltd., was incorporated for undertaking
 development of tourism.  Taj Mumbai would operated all the hotels
 that
 would be commissioned by the new Company.
 
 - Another joint venture with Oriental Hotels Ltd., viz Taj Chennai
 Flight Kitchen Pvt. Ltd., Singapore, Malaysian Airline System
 Berhad,
 Kayla Lumpur are the foreign partners.  The joint venture would set
 up
 an Air Catering Unit initially in Chennai to be operated by the
 Company.
 
 - The company issued 51,95,783 GDRs at a price of US $ 16.60 per
 GDR.
 Including 15% retention of oversubscription.  The 13.5% secured
 non-convertible bonds of Rs 75 each issued on 15th July 1982 and the
 15% secured non-convertible debentures of Rs 100 each issued on 1st
 April, 1982 were due for redemption on 15th July, 1992 and 1st
 April,
 1992 respectively.
 
 - 199,59,456 bonus equity shares issued in prop. 1:1.
 
 1995
 
 - Two new hotels of associated companies were commissioned viz., a
 50
 rooms Taj Garden retreat at Varkala (new Trivandrum) located on a
 cliff
 overlooking the sea and a 100 rooms business class hotels, Taj
 residency at Nashik, Maharashtra.
 
 - The Company undertook to set up (i) Two new luxury hotels in
 Mumbai
 and one in Chennai; (ii) Land admeasuring 11 acres was acquired at
 Calcutta for setting up a hotel of International Standard; (iii) Taj
 residency in Calicut scheduled to be opened in 1996-97.
 
 1996
 
 - The Company has entered into a business profit sharing agreement
 with
 H.E.H. Nizam of Hyderabad to develop Falaknuma Palace as a 5 Star
 delux
 Heritage Hotel.
 
 - The Company executed a Memorandum of Understanding with Rajah
 Muthiah
 Chettiar Charitable and Educational Trust for the construction of a
 first class international standard hotel on an area of 5 acres which
 is
 located in Adyyar in the vicinity of Chettinad Palace.
 
 - The Company was declared the successful bider for the MMRDA's
 Hotel-Cum-Convention and Exhibition Centre Project at International
 Finance-Cum-Business Centre, Bandra-Kurla Complex, Mumbai.
 
 - The Company entered into a technical assistance agreement with
 Covelong Beach Hotel (India) Ltd. which was putting up a beach
 resort
 to be known as Fishermen's Cove at Covelong, about 20 miles from
 Chennai.  This hotel was to have about 80 rooms with all related
 facilities.
 
 - KTC Hotels Ltd. became a wholly owned subsidiary of the Company. 
 KTC
 is owning a newly constructed Taj Residency Hotel at P.T.  Usha
 Road,
 Calicut.
 
 1997
 
 - The Reserve bank of India (RBI) has condoned Indian Hotels Limited
 (IHL) for certain financial transactions which were conducted by its
 international subsidiary.
 
 - The Indian Hotels Company Ltd (IHCL) has formally called off its
 proposed Rs.1,000 crore hotel-cum-convention centre project at the
 Bandra-Kurla complex in Mumbai.
 
 - The Indian Hotels Company or the Taj Group of Hotels has launched
 its
 second major organisational restructuring exercise.
 
 - The documents also reveal that on the same day (July 5, 1974),
 ARRA
 entered into a technical and consultancy services collaboration with
 IHCL.
 
 1998
 
 - Indian Hotels Company Ltd, an off-shoot of the Tata Group which
 owns
 the Taj Group of Hotels, has signed a joint venture with the
 Pune-based
 Dynamic Logistics for setting up a 125-room five star hotel in Pune
 christened `Taj Residency.
 
 - Indian Hotels has become the first hospitality company to begin
 offering stock options to its top employees.
 
 - Taj Palace Hotel was the only Indian hotel to win the `Best
 Business
 Hotel in Asia 1998' award.
 
 - IHCL, is 100 per cent subsidiary of Taj International hotels (Hong
 Kong) Ltd.
 
 1999
 
 - Indian Hotels & Health Resorts (IHHR) is setting up a destination
 resort and spa called `Ananda-in the Himalayas', in Narendra Nagar
 near
 Rishikesh.
 
 - The company, set up to develop health resorts, spas and city
 centre
 luxury boutique hotels in India and the rest of south-east Asia, is
 planning to set up a series of destination spas on the lines of the
 famous Chiva Som of Thailand.
 
 - In one of the major developments in the history of Indian
 hospitality
 industry, Indian Hotels Company Ltd (IHCL), part of the Tata group,
 has
 entered into a strategic business alliance with the Hyderabad-based
 GVK
 group to consolidate their respective hotel businesses in Hyderabad
 into a new corporate entity under the name of Taj GVK Hotels and
 Resorts Ltd (Taj GVK).
 
 - The company is also looking for a joint venture with an
 international
 partner to manage and run the group's London-based St. James Court.
 
 - Indian Hotels to buy 6.3% stake in Oriental Hotels Indian Hotels
 Company Ltd (IHCL) proposes to buy 6.28 per cent stake in the
 Chennai-based Oriental Hotels Ltd from its wholly-owned subsidiary,
 Taj
 Investment and Finance Company Ltd (TIFCO).
 
 2000
 
 - The NCD programme of Indian Hotels Ltd. has been assigned an
 `LAAA'
 rating by ICRA, indicating highest safety to the Rs 150-crore
 non-convertible debenture programme.
 
 - The Company has introduced a Voluntary Retirement Scheme to
 rationalise employee deployment and made payments aggregating to Rs.
 28.80 crores upto 30th September.
 
 - The Company has to set up a joint venture with a local partner for
 its foray into South East Asia.
 
 - The Company has shortlisted a strategic investor which will acquire
 a
 50 per cent stake in Taj Asia, a newly formed holding company.
 
 2001
 
 - The Company introduced a Voluntary Retirement Scheme to
 rationalise
 employee deployment and made payments/provisions, including
 additional
 gratuity, aggregating to Rs 36.30 crores upto December 31, 2000.
 
 - Indian Hotels Company Ltd has informed BSE that the members of the
 Company at the AGM held on August 31, 2001 had approved the
 transfer/sale of the Air Catering Division of the Company to a
 subsidiary (to be known as Taj Air Caterers Ltd) to become the Joint
 Venture Company (JVC) in which the Company would hold 51% of the
 equity
 and the balance 49% of the equity would be held by Singapore Airport
 Terminal Services Ltd (SATS).
 
 - Close on the heels of opening the Taj Palace in Dubai, the Taj
 group
 led-Indian Hotels Company Ltd (IHCL) has signed another management
 contract for a 320-room 5-star business hotel in Dubai.
 
 2002
 
 -The Indian Hotels Company, planned to re-enter the budget hotel
 categories
 in Gateway Name.
 
 -Indian Hotels company has announced for the investment of 
 million to 
 acquire international hotel chains abroad.
 
 -Indian Hotel Company has passed a resolution to raise the long term
 debt funds
 for the company's modernnization and expansion programme.
 
 -Indian Hotel Company has informed BSE regarding its completion of 
 planned borrowing programme of Rs.3000 million.
 
 -Indian Hotel Company has returned back its 8 acre hotel site in the
 city to
 Kolkota Municipal Corporation.
 
 -Indian Hotel Company Ltd is in talks with Chaudhary group of Nepal
 and an African
 company to make its debut in environmental/wildlife tourism in
 India.
 
 -Mr.Raymong Bickson has been appointed as the director on the board
 of the 
 Directors of the company.
 
 -Indian Hotel Company has informed the exchange that it had entered
 into an agreement
 with Citibank NA, Newyork for fungibility of GDS.
 
 
 2003
 
 -Indian Hotels Company Ltd.has informed BSE that it has been decided
 to defer
 the consideration of the item relating to sale of the two hotel
 properties of the company.
 
 -Indian Hotels Company has decided to sell off two of its hotel
 properties to its sister 
 firm -PIEM Hotels.
 
 -The Indian Hotels Co. Ltd has embarked upon major renovation and
 upgradation of its
 leading leisure hotel properties in Kerals, Goa, Rajasthan and Tamil
 Nadu, which costs 
 around Rs.100cr.
 
 -Mr Shapoor Mistry, son of construction baron Pallonji Mistry, has
 been appointed as 
 non-executive director of Indian Hotel Company which owns the Taj
 group of Hotels.
 
 -IHCL mulls up to kick off new firm, inorder to push its spa business
 under the head Taj.
 
 -The Confederation of Indian Industry(southern Region) has initiated
 a pilot project
 to encourage linkages between self-help groups and Institutional
 Consumers.
 
 - Board approved a resolution pertaining to sale of the hotel
 property of the company located at, Chiplun, Maharashtra and
 alteration of the object clause of Memorandum of Association of the
 company to permit the company to carry out the activities of
 Registrar and share transfer agents.
 
 -Board approved acquisition of a hotel property in US
 
 2004
 
 -Mr Franz Zeller, having over 30 years of experience in various
 international hotel operations including at Hilton International,
 Millenium and Copthorne International, has been appointed as Senior
 Vice-President & Chief Operating Officer (Luxury Hotels Division). Mr
 Rajiv Kaul, earlier with the Oberoi Group, has been appointed as
 Vice-President (Mumbai Hotels) & General Manager of the city's Taj
 Palace & Tower. 
 
 The third appointment was that of Mr John Gerrard, formerly an
 independent hotel consultant in Malaysia designated as Director
 (Sales & Marketing), Luxury Hotels Division. Mr Maneck Patel,
 Vice-President & General Manager of the Taj Palace & Tower, has been
 made Senior Vice-President (Business & International Consular Corps
 Relations).
 
 -American Express, the travel-related services company, has tied up
 with Taj Hotels Resorts and Palaces for a money-saver programme for
 holders of the AmEx corporate card.
 
 -Taj Hotels inks pact with CC Africa to promote wildlife tourism in
 India
 
 -Taj Hotels partners with Denis Island
 
 
 2005
 
 -Indian Hotels enters into an agreement to purchase W Hotel, Sydney
 
 2006
 
 -The Companys delists shares from Madras Stock Exchange Ltd (MSE)
 w.e.f. October 13, 2006.