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Indian Hotels Company Ltd (IHCL) plans to add eight more hotels across the globe by 2014, said its Chairman, Mr Ratan Tata, at the company's annual shareholders' meeting on Friday.
IHCL runs the Taj brand in the luxury five-star segment, the Vivanta brand in the four-star segment, Gateway Hotels in the three star-segment and Ginger in the budget space.
Mr Tata said that The Taj Sea Rock in Mumbai is likely to be completed by 2014 and the Taj Exotica that is coming up in Andaman Island is likely to be ready by 2013.
IHCL acquired 85 per cent stake in ELEL Hotels and Investments, which owns the property on which Sea Rock Hotel is built in southern Bandra.
IHCL posted a strong first quarter result for FY12 with the net profit in April-June jumping to Rs 20.31 crore aided by higher occupancies and a rise in other income.
He was confident that US operation will make profit in the next 18 months. Roots Corporation, a subsidiary of IHCL that runs the Ginger hotel chain, is also likely to break even in the current fiscal year, said Mr. Tata.
IHCL shares on Friday closed at Rs 76.20, down 0.39 per cent from previous close on the BSE.
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