Tata Group’s Indian Hotels (ICHL), owner of the Taj chain of hotels, has announced that it will restructure its overseas investments, reported the Times of India.
Chairman Cyrus Mistry announced the changes at the company’s annual meeting yesterday. The changes will be that IHCL, which has investments in the US, South Africa, UK, Netherlands and Singapore, into a single ownership entity. The overseas companies manage over 10 hotels and restaurants worldwide.
The reason for the investment move is that many of these overseas companies are reporting serious losses, including IHMS, Inc, the US arm, and Taj International in Hong Kong.
“We have a cross-functional task force to turn around the loss making hotels," said Mistry.
Taj Hotels currently operates two hotels in the Arabian Gulf region, including Taj Dubai and Taj Palace.
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