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| P.R.S. Oberoi in New Delhi on Friday. (PTI) |
New Delhi, July 9: Oberoi group chief P.R.S. Oberoi plans to launch nine hotels, including two in West Asia, under the Oberoi and Trident brands.
Oberoi said he had no intention to sell a stake in EIH Ltd. Rumours are rife that the Oberois might sell their stake to Max India owner Analjit Singh, or ITC might launch a hostile takeover bid for the hotel chain.
EIH promoters, including the Oberoi family, hold about 46.4 per cent in the group flagship company. Tobacco-to-hotels major ITC holds another 14.98 per cent, while Analjit Singh owns about 9 per cent.
ITC will have to come up with an open offer if it crosses 15 per cent equity holding in EIH.
With a floating stock of around 30 per cent, even an open offer cannot support a hostile takeover without the participation from either the Oberoi family or Analjit Singh.
Oberoi said the group’s property in Gurgaon would be operational soon.
He plans to set up two hotels in Hyderabad, one under the Trident brand and the other under the Oberoi name.
A property under the Trident brand is being set up in Dehradun as also a resort hotel near Chandigarh.