Mumbai - Indian Hotels Co - Indian Hotels Company Ltd - Brief Article

Business Asia, Feb, 2002

MUMBAI - Indian Hotels Co, the country's biggest chain of luxury hotels, plans to sell bonds or borrow money to modernise and expand its hotels and fund acquisitions, the company said in a statement to the Mumbai Stock Exchange. The company plans to either sell bonds worth as much as 2.5 billion rupees with a coupon not exceeding 10.5 per cent a year, or borrow as much as $25 million in Japanese yen at low interest rates, or both.

The move comes amidst slowing business and lower occupancy rates after the September 11 terrorist attacks on the US and rising tension between India and Pakistan keep foreigners away. Bloomberg