History of Indian Hotels Comp. Ltd.
1902
- The Comp. was incorporated on 1st April 1902 & till 1965 owned and managed two hotels, viz., the Taj Mahal Hotel & the Green's Hotel, with a view to construct a modern & much larger hotel on that site. The Comp. started the business of hotel, restaurant, cafe, tavern, beer house, refreshment room and 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.
1972
- The hotel under the name & style Taj Intercontinental Hotel was formally opened on 1st August, & progressively commissioned thereafter.
1978
- Taj Investment and Finance Co. Ltd., became a subsidiary of Company with effect from 7th December. The Comp. holds the entire capital of 2,46,110 No. of equity shares of Rs 10 each of this subsidiary.
1979
- The Comp. 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.
1980
- The Comp. started providing technical know-how & consultancy services in the operation of 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 Comp. to invest in it an amount equivalent to U.S. $4 million partly by way of subscribing to shares in cash & partly by way of earnings from export of Indians goods like furniture, fittings, carpets & hotel operating equipment.
- The Comp. borrowed an offshore loan of U.S. $1.50 million from the Hongkong and Shanghai Banking Corporation for purpose of making the cash investment in the equity share capital of Taj Lanka Hotels, Ltd.
1981
- The Comp. 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.
1982
- Delhi Development Authority [DDAs] accepted the Company offer of collaboration for construction of 500 room hotel in Delhi for use by the delegates & visitors to the ASIAD '82 to be conducted towards the end of year.
- In the second quarter of year, the Comp. made a rights-cum-public issue of secured convertible bonds of total value of Rs 15 crores. Each bond of Rs 100 comprised a convertible portion of Rs 25 & a non-convertible portion of Rs 75. It was proposed to increase the rate of interest to 16% & to extend the redemption date to 15th July, 1999.
- 55,000 - 9.3% Preference shares redeemed at par on 31st December.
1983
- The Comp. signed an agreement with Spencer International Hotels, limited a wholly owned subsidiary of Spencer & Company, Ltd., to get licence to operate Connemara Hotel at Chennai, West End Hotel at Bangalore & Savoy Hotel at Ootacamund.
1984
- During December, the Comp. 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 & Cumulative interest payment. These debentures are redeemable at a premium of 5% on the expiry of seven years from the date of allotment.
1985
- 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.
1986
- The Comp. had taken over Hotel Chandela at Khajuraho on leave & licence basis with effect from 18th December.
- The Comp. commissioned the Jai Mahal Palace Hotel at Jaipur during the year with 103 rooms.
1987
- During April-May, the Comp. 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 & 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 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.
1989
- An agreement was signed with the USSR state committee for foreign tourism to establish a joint venture to start hotels in Tashkent, Samarkand & 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 & hotels in Government owned lands in Maharashtra to be operated by Company.
- 49,28,261 bonus equity shares were issued in prop. 1:2.
1990
- The hotel operations were adversely affected due to political disturbances within the country & abroad.
1993
- 49,28,261 Rights Equity shares issued [Prop. 1:3, Prem. 450s] Another 2,46,413 shares of Rs 10 issued at a prem. of Rs 50 per share to employee [all were taken ups].
1994
- The 110 room Taj Luxury Hotel at Lucknow was commissioned. The hotel was promoted by Taj Kerala Hotels & Resorts limited at Kumarakom in Kerala.
- A joint venture Comp. with Government of Karnataka viz. Taj Karnataka Hotels and Resorts, Ltd., was incorporated for undertaking development of tourism. Taj Mumbai would operated all the hotels that would be commissioned by 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 Company.
- The Comp. 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 & the 15% secured non-convertible debentures of Rs 100 each issued on 1st April, 1982 were due for redemption on 15th July, 1992 & 1st April, 1992 respectively.
- 199,59,456 bonus equity shares issued in prop. 1:1.
1995
- Two new hotels of associated companies were commissioned viz., a 50 rooms Taj Garden retreat at Varkala [new Trivandrums] located on a cliff overlooking the sea & a 100 rooms business class hotels, Taj residency at Nashik, Maharashtra.
- The Comp. undertook to set up [is] Two new luxury hotels in Mumbai and one in Chennai; [iis] Land admeasuring 11 acres was acquired at Calcutta for setting up a hotel of International Standard; [iiis] Taj residency in Calicut scheduled to be opened in 1996-97.
1996
- The Comp. 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 Comp. executed a Memorandum of Understanding with Rajah Muthiah Chettiar Charitable & Educational Trust for 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 Comp. was declared the successful bider for MMRDA's Hotel-Cum-Convention & Exhibition Centre Project at International Finance-Cum-Business Centre, Bandra-Kurla Complex, Mumbai.
- The Comp. entered into a technical assistance agreement with Covelong Beach Hotel [Indias] limited which was putting up a beach resort to be known as 'Fishermen Cove' at Covelong, about 20 miles from Chennai. This hotel was to have about 80 rooms with all related facilities.
- KTC Hotels limited became a wholly owned subsidiary of Company. KTC is owning a newly constructed Taj Residency Hotel at P.T. Usha Road, Calicut.
1997
- The Reserve bank of India [RBIs] has condoned Indian Hotels Limited [IHLs] for certain financial transactions which were conducted by its international subsidiary.
- The Indian Hotels Comp. Ltd [IHCLs] 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 Comp. 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, 1974s], ARRA entered into a technical & consultancy services collaboration with IHCL.
1998
- Indian Hotels Comp. Ltd, an off-shoot of 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 Comp. 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 Kongs] Ltd.
1999
- Indian Hotels and Health Resorts [IHHRs] is setting up a destination resort & spa called `Ananda-in the Himalayas', in Narendra Nagar near Rishikesh.
- The company, set up to develop health resorts, spas & city centre luxury boutique hotels in India & 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 major developments in the history of Indian hospitality industry, Indian Hotels Comp. Ltd [IHCLs], part of 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 GVKs].
- The Comp. is also looking for a joint venture with an international partner to manage & run the group London-based St. James Court.
- Indian Hotels to buy 6.3% stake in Oriental Hotels Indian Hotels Company Ltd [IHCLs] proposes to buy 6.28 per cent stake in the Chennai-based Oriental Hotels Ltd from its wholly-owned subsidiary, Taj Investment & Finance Comp. Ltd [TIFCOs].
2000
- The NCD programme of Indian Hotels limited has been assigned an `LAAA' rating by ICRA, indicating highest safety to the Rs 150-crore non-convertible debenture programme.
- The Comp. has introduced a Voluntary Retirement Scheme to rationalise employee deployment & made payments aggregating to Rs. 28.80 crores upto 30th September.
- The Comp. has to set up a joint venture with a local partner for its foray into South East Asia.
- The Comp. has shortlisted a strategic investor which will acquire a 50 per cent stake in Taj Asia, a newly formed holding company.
2001
- The Comp. introduced a Voluntary Retirement Scheme to rationalise employee deployment & made payments/provisions, including additional gratuity, aggregating to Rs 36.30 crores upto December 31, 2000.
- Indian Hotels Comp. Ltd has informed BSE that the members of the Company at the AGM held on August 31, 2001 had approved the transfer/sale of Air Catering Division of Comp. to a subsidiary [to be known as 'Taj Air Caterers Ltd's] to become the Joint Venture Comp. [JVCs] in which the Comp. would hold 51% of equity and the balance 49% of equity would be held by Singapore Airport Terminal Services Ltd [SATSs].
- Close on the heels of opening the Taj Palace in Dubai, the Taj group led-Indian Hotels Comp. Ltd [IHCLs] has signed another management contract for a 320-room 5-star business hotel in Dubai.
2002
-The Indian Hotels Company, planned to re-enter the budget hotel categories in Gateway Name.
-Indian Hotels Comp. has announced for investment of $75 million to acquire international hotel chains abroad.
-Indian Hotel Comp. has passed a resolution to raise the long term debt funds for the company modernnization & expansion programme.
-Indian Hotel Comp. has informed BSE regarding its completion of planned borrowing programme of Rs.3000 million.
-Indian Hotel Comp. has returned back its 8 acre hotel site in the city to Kolkota Municipal Corporation.
-Indian Hotel Comp. Ltd is in talks with Chaudhary group of Nepal & 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 Directors of company.
-Indian Hotel Comp. has informed the exchange that it had entered into an agreement with Citibank NA, Newyork for fungibility of GDS.
2003
-Indian Hotels Comp. Ltd.has informed BSE that it has been decided to defer the consideration of item relating to sale of two hotel properties of company.
-Indian Hotels Comp. 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 & upgradation of its leading leisure hotel properties in Kerals, Goa, Rajasthan & 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 Comp. 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 Regions] has initiated a pilot project to encourage linkages between self-help groups & Institutional Consumers.
- Board approved a resolution pertaining to sale of hotel property of Comp. located at, Chiplun, Maharashtra & alteration of object clause of Memorandum of Association of Comp. to permit the Comp. to carry out the activities of Registrar & share transfer agents.
-Board approved acquisition of hotel property in US
2004
-Mr Franz Zeller, having over 30 years of experience in various international hotel operations including at Hilton International, Millenium & Copthorne International, has been appointed as Senior Vice-President and Chief Operating Officer [Luxury Hotels Divisions]. Mr Rajiv Kaul, earlier with the Oberoi Group, has been appointed as Vice-President [Mumbai Hotelss] and General Manager of city Taj Palace and Tower.
The third appointment was that of Mr John Gerrard, formerly an independent hotel consultant in Malaysia designated as Director [Sales and Marketings], Luxury Hotels Division. Mr Maneck Patel, Vice-President and General Manager of Taj Palace and Tower, has been made Senior Vice-President [Business and International Consular Corps Relationss].
-American Express, the travel-related services company, has tied up with Taj Hotels Resorts & Palaces for a money-saver programme for holders of AmEx corporate card.
-Taj Hotels inks pact with CC Africa to promote wildlife tourism in India
-Taj Hotels partners with Denis Island
2005
-Indian Hotels enters into an agreement to purchase 'W' Hotel, Sydney
2006
-The Companys delists shares from Madras Stock Exchange Ltd [MSEs] w.e.f. October 13, 2006.
2008
- Indian Hotels Comp. Ltd has informed that Mr. Anil P Goel, presently the Chief Financial Officer of Comp. & Mr. Abhijit Mukerji, presently the Chief Operating Officer - Luxury SBU India, have been appointed as Whole-Time Directors of Comp. with immediate effect.
- Indian Hotels Comp. Ltd has appointed Ms. Anu Aga & Mr. Nadir Godrej as Additional Independent Directors of Comp. with immediate effect.
-The Comp. has issued rights in the ratio of 1:5 at a premium of Rs. 69/-Per Share.
