Mumbai, Aug. 9 (PTI): Indian Hotels Company Ltd (IHCL) will launch its first serviced luxury residences, Taj Wellington Mews, next month, even as it is looking at acquisitions and planning to grow through management contracts.

“The Taj Wellington Mews serviced apartments is nearing completion and is expected to be launched next month,” Tata Sons chairman Ratan Tata said in his address at the company’s 103rd annual general meeting here today.

The complex with 80-fully serviced apartments would help the company in reducing risk and volatility of the existing business, he said.

The Tata group company is also planning to expand its indiOne range of hotels to other parts of the country, mainly to target mid-level customers, he added.

IndiOne range of smart hotels was launched in Bangalore in June this year.

Maintaining that the just-ended fiscal was a year of recovery, after three continuous years of “difficulty” for the hotel industry, he said a growth in economy was favouring the hotel sector in the country.

Rise in international travel rose by 18 per cent during the year, with around 2.9 million visitors to the country, while domestic travel had posted a 15 per cent increase, he said.