Tata group company buys 10% stake in Orient-Express


The Indian Hotels Co, the country’s largest hotel operator and owner of the Taj hotel chain, has acquired a 10% stake in Orient-Express Hotels Ltd for $211 million, news reports said Tuesday.

Indian Hotels snapped up the stake through its wholly owned subsidiary Samsara Properties by selling government securities to buy the stake. Looking to discuss a possible alliance with the company, the Tata Group company has also written to James Hurlock, chairman of the board of Bermuda-based Orient-Express, which part-owns and manages 35 hotels in 25 countries. It also runs cruises and luxury trains, including the Venice Simplon-Orient-Express. “We have been pursuing alliances with leading hotel groups that have not yet set up a presence in India but have secured leadership positions in various geographies,” RK Krishna Kumar, vice chairman of Indian Hotels, was quoted as saying by the Economic Times.

The Mumbai-based Taj Group of hotels and resorts was established nearly 100 years ago. It runs 57 hotels at 40 locations across India. About 20% of its revenue comes from global acquisitions. The announcement of the Orient-Express states followed the completion of Indian Hotels’ purchase of the Ritz-Carlton Hotel in Boston for $170 million in January and as the Indian hospitality industry is undergoing a fast-paced expansion as incomes grow and Indians increasingly travel and eat out. Indian Hotels plans to spend as much as $1.5 billion to open new hotels in the United States, Europe and Asia as part of its campaign to turn itself into a “global brand,” Raymond Bickson, Taj’s CEO, said in February. (m&c.com)


Minister Asks Banks to Introduce Voluntary Rate Caps Banking

Minister Asks Banks to Introduce Voluntary Rate Caps

Hungary, Poland Diverging in Views of Russia Int’l Relations

Hungary, Poland Diverging in Views of Russia

Norbert Schőmer Appointed Atenor Hungary Country Director Appointments

Norbert Schőmer Appointed Atenor Hungary Country Director

Celebrating Music Music

Celebrating Music


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.