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Indian Hotels Company Ltd. Company History and Annual Growth Details


- 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.


- The hotel under the name and style Taj Intercontinental Hotel was
formally opened on 1st August, and progressively commissioned


- 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.


- 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.


- 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. $4
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. $1.50 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.


- 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.


- 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.


- 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.


- 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.


- 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.


- 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.


- 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.


- 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.


- The hotel operations were adversely affected due to political
disturbances within the country and abroad.


- 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).


- The 110 room Taj Luxury Hotel at Lucknow was commissioned. The hotel
was promoted by Taj Kerala Hotels and Resorts Ltd. at Kumarakom in

- 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

- 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.


- 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.


- 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

- 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,


- 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


- 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.


- Indian Hotels & Health Resorts (IHHR) is setting up a destination
resort and spa called 'Ananda-in the Himalayas', in Narendra Nagar near

- 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).


- 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.


- 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.


-The Indian Hotels Company, planned to re-enter the budget hotel categories
in Gateway Name.

-Indian Hotels company has announced for the investment of $75 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.


-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


-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


-Indian Hotels enters into an agreement to purchase 'W' Hotel, Sydney

-Taj Hotels joins hands with ETA Star Property Developers


-The Companys delists shares from Madras Stock Exchange Ltd (MSE) w.e.f. October 13, 2006.

-Indian Hotels to set up three hotels in S Africa

-Indian hotel may tie up with EMKE Group


-Indian Hotels buys 10-pc stake in Orient-Express for Rs 850 cr


- Indian Hotels Company Ltd has informed that Mr. Anil P Goel, presently the Chief Financial Officer of the Company and Mr. Abhijit Mukerji, presently the Chief Operating Officer - Luxury SBU India, have been appointed as Whole-Time Directors of the Company with immediate effect.

- Indian Hotels Company Ltd has appointed Ms. Anu Aga and Mr. Nadir Godrej as Additional Independent Directors of the Company with immediate effect.

-The company has issued rights in the ratio of 1:5 at a premium of Rs. 69/-Per Share.

-Dun & Bradstreet - American Express Corporate Awards 2007 - India's Top 500 Companies 2007 - in the 'Hotels' category - The Indian Hotels Company Ltd.
-Indian Hotels launches the Gateway Hotel Chain

-Apart from featuring in the Guardian Newspaper's Top 10, the Bombay Brasserie has also been awarded during the British Curry Awards 2009. The Bombay Brasserie got the most coveted award of the night as the BEST RESTAURANT in London.
-Jiva Spa is nominated for the award of Best Spa Treatment Ventoz Asia Spa India Awards held on 8th April 2009 held at Delhi

-Taj Hotels Resorts and Palaces is proud to receive 'Gallup Great Workplace Award 2010'. The Gallup Great Workplace Award was created to recognize excellent companies for their extraordinary ability to create an engaged workplace culture.
-Taj Hotels Resorts & Palaces wins Gallup Great Workplace Award 2010 - Among 25 distinguished organizations that will receive the 2010 Gallup Great Workplace Award at a gala during the Gallup Summit 2010, April 27-29 to be held at Omaha, Nebraska, US.

Oct 21, 12:00 am
Oct 21, 4:14 pm
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