Mar 30, 2013, 05.33 PM | Source: PTI
Tata group hospitality major Indian Hotels Company (IHCL) today said lease of its Taj Palace Hotel in the city has been renewed for 25 years from April 1 this year.
"The Indian Hotels Company Limited (Taj Group) is pleased to confirm that it has received the consent from the Delhi Development Authority (DDA) confirming renewal of the license for the Taj Palace Hotel, Sardar Patel Marg, New Delhi for a further period of 25 years effective from April 1, 2013," the company said in a statement.
Also read: Low demand hits room rates, profit: Hotel Leela's Nair
The Taj had originally entered into an agreement for the construction and license of the hotel with DDA for 30 years effective from April 1, 1983. The Taj will thus continue to operate the hotel till March 31, 2038, it added.
Commenting on development IHCL Managing Director Raymond Bickson said: "IHCL has enjoyed a very cordial and beneficial business association with Delhi Development Authority over the past three decades and this recent development will further strengthen our partnership with DDA in the years to come."
IHCL and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces.
Tata group hospitality firm Indian Hotels Company
In a regulatory filing, the company said it "propo
In November last year, the Apex court had directed
Gaurav Ratnaparkhi of Sharekhan is of the view tha
Indian Hotels Company Ltd has informed BSE that th