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Indian Hotels Company said that it has still not received an apology from the US-based Orient-Express Hotels Trains & Cruises.

The Managing Director and Chief Executive Officer, Mr Raymond Bickson, told newspersons on the sidelines of a press conference, “Status quo remains; nothing has really changed from what was last reported by the media.” However, Mr Bickson declined to comment on what the company’s next move would be.

Indian Hotels currently holds about 11 per cent stake in Orient-Express and had proposed a long-term alliance with the company. However, Orient-Express had turned down its offer saying that it did not want to be associated with a “predominant domestic” brand that it said would dilute its own global brand equity.

Mr Bickson also said that Indian Hotels’ proposed rights issue will come up in the current quarter (January-March).

“We plan to raise around $600 million (Rs 2,400 crore) via the rights issue. The funds will be utilised to fund growth both in India and overseas. ”

More Stories on : Alliances & Joint Ventures | Hotels

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