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Indian Hotels Co Ltd share price today (on 4 October 2023).

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BSE: 500850 | NSE: INDHOTEL | ISIN: INE053A01029 Market Cap: [Rs.Cr.] 4,902 | Face Value: [Rs.] 1 Industry: Hotels

Indian Hotels Company Ltd (IHCL) and their subsidiaries are collectively known as Taj Hotels Resorts and Palaces and are recognized as one of Asia's largest and finest hotel company. The company together with their subsidiaries and their jointly controlled entities is engaged in the business of hoteliering with the exception of two jointly controlled entities, which are engaged in the business of air catering. The other areas of business include ready to eat/ready to cook foods business. The company's subsidiaries include TIFCO Holdings Ltd, KTC Hotels Ltd, United Hotels Ltd, Roots Corporation Ltd, Taj SATS Air Catering Ltd, Residency Foods & Beverages Ltd, Innovative Foods Ltd, Taj International Hotels (H.K.) Ltd, Chieftain Corporation NV, IHOCO BV, St. James Court Hotels Ltd, Taj International Hotels Ltd, International Hotel Management Services Inc, IHMS (Australia) Pty Ltd and Apex Hotel Management Services (Pte) Ltd. The company's jointly controlled entities include IHMS Hotels (SA) (Proprietary) Ltd, Taj Karnataka Hotels & Resorts Ltd and Taj GVK Hotels & Resorts Ltd. Indian Hotels Company Ltd was incorporated in the year 1902.
In the year 1903, the company opened their first hotel, The Taj Mahal Palace & Tower, Mumbai. The company then undertook major expansion of The Taj Mahal Palace & Tower, Mumbai by constructing an adjacent tower block and increasing the number of rooms from 225 to 565 rooms. With the completion of its initial public offering in the early 1970s, the company began a long term programme of geographic expansion and development of new tourist destinations in India which led to their emergence as a leading hotel chain in India. From the 1970s to the present day, the Taj Group has played an important role in launching several of India's key tourist destinations, working in close association with the Indian Government. The company was active in converting former royal palaces in India into world class luxury hotels such as the Taj Lake Palace in Udaipur, the Rambagh Palace in Jaipur and Umaid Bhawan Palace in Jodhpur. In the year 1974, the Taj Group opened India's first international five star deluxe beach resort, the Fort Aguada Beach Resort in Goa. Also, they opened five-star deluxe hotel Taj Coromandel in Chennai.
In the year 1977, they acquired an equity interest and operating contract for the Taj President, a business hotel in Mumbai. In the year 1978, they opened the Taj Mahal Hotel in Delhi. In the year 1980, the Taj Group took their first step internationally by opening their first hotel outside India, the Taj Sheba Hotel in Sana'a, Yemen. Also, they acquired interests in the Crown Plaza - James Court, London and 51 Buckingham Gate Luxury Suites and Apartments in London. In the year 1984, the Taj Group acquired under a license agreement each of The Taj West End, Bangalore, Taj Connemara, Chennai and Savoy Hotel, Ooty. In the year 1989, the company opened the five-star deluxe hotel, Taj Bengal in Kolkata. With this opening, the Taj Group became the only hotel chain with a presence in the five major metropolitan cities of Mumbai, Delhi, Kolkatta, Bangalore and Chennai. In the year 1990, the company set up Taj Kerala Hotels & Resorts Ltd along with the Kerala Tourism Development Corporation.
In the year 1998, they opened the Taj Exotica Bentota which strengthened the Taj Group's market position in Sri Lanka. In the year 2000, the company entered into a partnership with the GVK Reddy Group to set up Taj GVK Hotels and Resorts Ltd and thereby obtained a prominent position in the market in the southern business city of Hyderabad, holding three hotels and a major share of the market. In the year 2001, the company took on the management contract of Taj Palace Hotel, Dubai, and established themselves as an up-market hotel in the Middle East region. In September 2002, the company acquired equity interest in the former Regent Hotel in Bandra which gave the Taj Group access to the midtown and North Mumbai market. The hotel has since been renamed as the Taj Lands End, Mumbai. In October 2002, the company obtained licenses to manage and operate two leisure hotels, the Rawal-Kot, Jaisalmer and Usha Kiran Palace, Gwalior.
In the year 2003, the company celebrated the centenary of the opening of their Flagship hotel, the Taj Mahal Palace & Tower, Mumbai. In the year 2004, they opened Wellington Mews, their first luxury serviced apartment in Mumbai. Also, they launched the first of its 'value-for-money' hotels in Bangalore branded 'Ginger', which has 11 hotels in various locations in India and is owned through their wholly owned subsidiary. In the year 2005, the company acquired on lease The Pierre, a renowned hotel in New York City, to enter the luxury end of the developed hotel markets internationally. The company entered into a management contract for Taj Exotica in Palm Island Jumeirah in Dubai to expand their existing presence in the United Arab Emirates. The company enhanced their position as an operator of converted palaces by entering into a management contract for Umaid Bhawan Palace, Jodhpur in the princely state of Rajasthan in India. In February 2006, the company, through a subsidiary, acquired the erstwhile 'W' hotel in Sydney, Australia and renamed it as 'Blue, Woolloomooloo Bay'.
In October 2006, as per the scheme of arrangement, Indian Resorts Hotel Ltd, Gateway Hotels and Getaway Resorts Ltd, Kuteeram Resorts Pvt Ltd, Asia Pacific Hotels Ltd and Taj Lands End Ltd were amalgamated with the company. In the year 2007, the company acquired Ritz Carlton in Boston and Taj Campton Place in San Francisco to expand their presence in the US market. They commenced operation of their second wildlife lodge at Baghvan, Pench. In the year 2008, the company partnered with Saraya Islands to Operate Taj Exotica Hotel in Ras Al Khaimah, United Arab Emirates. They joined hands with Tashi Group to create the new benchmark for premium hotels in Bhutan - Taj Tashi Bhutan. The company and ALDAR Hotels and Hospitality entered an exclusive agreement involving a number of hotel projects. The first hotel to be developed by ALDAR Hotels and Hospitality under the agreement is a five-star, 500 room luxury resort hotel which will be in a spectacular waterfront location on ALDAR's mega entertainment destination, YAS Island. During the year, the company launched The Jiva Spa Boat at Taj Lake Palace, Udaipur.
The Gateway Hotel Athwa Lines Surat added a new block of rooms to take up their inventory to 208 making it the largest hotel in Gujarat. It also launched three brand new restaurants - 'Flow' the all day dining restaurant, 'Spice' an Indian specialty restaurant and 'T3' a Tea lounge and Deli. They unveiled a new world-class premium hotel in Chennai - Taj Mount Road. In December 21, 2008, The Taj Mahal Palace & Tower reopened the rooms in the The Taj Mahal Tower. During the year 2009-10, the company added seven new hotels in the Taj portfolio which included Vivanta by Taj at Panaji, Goa and The Gateway Hotel, Jodhpur apart from the 5 Ginger hotels at Durg, Guwahati, Pune, Jamshedpur and Surat. Vivanta by Taj Coral Reef, Maldives and The Pierre, New York were also reopened during the year after extensive renovations. The inventory of the Taj Group now stands at 103 hotels with 12243 rooms. On the international front, Taj Cape Town, South Africa was soft opened in February, 2010 with an inventory of 166 rooms. The company added another significant hotel to their Luxury portfolio, with the opening of the TAJ Cape Town and Banjar Tola, Kanha.
These hotels are owned by the associate companies and are under a management contract with the company. During the year, the company acquired the erstwhile 'Sea Rock' hotel at Bandra Bandstand, Mumbai. The company acquired land on lease from the Government of Andaman & Nicobar Islands to set up the first 5-Star Luxury resort on Havelock Island. Also, the company through one of their associate companies entered into a lease agreement with the Punjab Government for a land parcel in Amritsar to develop a Vivanta by Taj hotel. The company through their subsidiary, invested into developing a 'Vivanta by Taj' resort at Coorg. The company also entered into management contracts for several properties in India which will commence operation over the next few years. New Management contracts have been signed for a Vivanta by Taj resort in Srinagar and for Gateway hotels in Bhandup (Mumbai), Shirdi (Near Nashik) and Ludhiana.
During the year 2010-11, the fully restored heritage block of the Taj Mahal Palace, Mumbai reopened its doors to guests on August 15, 2010. The spectacular Falaknuma Palace, another signifi cant addition to the company's Palaces portfolio was opened in November, 2010. Four new Ginger hotels at Manesar, Chennai, East Delhi and Indore commenced operations during the year. The company ventured into new geographies by entering into management contracts in Mexico and British Virgin Islands for development of high end Luxury Resorts with 100 and 206 keys respectively. The company also signed a management contract for establishing a Taj Luxury Hotel in Marrakech, Morocco, which is expected to open by the last quarter of 2011. The company continued their thrust on flagging properties under the 'Gateway' brand in prominent economic, commercial and industrial centres of India by signing management contracts for hotels in Chandigarh, Ludhiana and Kolhapur. The company also signed management contracts in leisure destinations such as Shimla and Rishikesh for a Gateway and Vivanta by Taj resort respectively. Furthermore, the company entered into MOUs for Gateway Hotels in Chiplun, Maharashtra and in Faridabad, NCR.
The company invested through one of their subsidiaries in 'Vivanta by Taj' resort at Coorg, which is scheduled to open by end of 2011. The resort shall be operated by the company on a management contract basis. Of the 64 room expansion of Vivanta by Taj Fisherman's Cove hotel in Chennai, 48 rooms are currently operational and work on the balance 16 rooms is in progress. Vivanta by Taj hotels in Coimbatore and Hyderabad being developed by the company's associates are expected to open during the current financial year. In April 2011, the company made a foray into one of India's most beautiful destinations, Jammu & Kashmir by opening an 89 room Vivanta by Taj resort in Srinagar. The Vivanta by Taj projects in Bekal, Gurgaon and The Gateway Hotel in Kolkata are expected to open during the current financial year.


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