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.
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.
Indian Hotels stock price
On November 26, 2015, Indian Hotels Company closed at Rs 92.10, up Rs 0.35, or 0.38 percent. The 52-week high of the share was Rs 127.25 and the 52-week low was Rs 80.75.
The latest book value of the company is Rs 32.39 per share. At current value, the price-to-book value of the company was 2.84.
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