IHC sells Taj Boston

IHC sells Taj Boston
14/07/2016 , by , in News/Views

Tata Group firm Indian Hotels Company (IHC) has completed sale of its Taj Boston hotel for USD 125 Million (about Rs 839 crore).According to IHC “United Overseas Holdings effected on July 12 the divestment of Taj Boston Hotel through sale of the entire issued and outstanding LLC interests of IHMS (Boston) LLC held by UOH to AS Holding LLC, Boston for an aggregate consideration of USD 125 million.”

However, United Overseas Holdings (UOH) is an indirect wholly-owned subsidiary of IHC and IHMS (Boston) LLC is a direct subsidiary of UOH.IHC further said net sale proceeds will be utilized largely to retire outstanding debt.

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