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The Indian Hotels Company Limited (IHCL) board approved raising of long-term funds not exceeding ₹750 crore through different mediums in several tranches.
On Wednesday, the company informed the sam to the exchanges via a statement. “The Board approved raising of long-term funds not exceeding ₹750 crore by way of External Commercial Borrowings, Foreign Currency Borrowings, Non-Convertible Debentures, Term Loans or through any other debt instrument in one or more tranches.”
However, it is unclear how the Tata Group-owned hospitality company plans to use the funds.
According to a recent report, Puneet Chhatwal, Managing Director and Chief Executive of IHCL, parent company of brands, including Taj, Vivanta and Ginger, said, “short term, I think, over a two-year period, people will be very selective in where they go...and who they choose to stay with. People will be very selective in terms of having an emotional connection or familiarity with a brand.”
According to analysts, the travel, aviation, and hospitality industries are likely to be the worst hit because of the Covid-19 pandemic.
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