Managing Director and Chief Executive Officer of IHCL Puneet Chawla issued a statement and expressed his delight that the Taj Mahal hotel would continue to remain a part of the IHCL family. (Source: Indian Express archive)
The Taj Mansingh hotel in Delhi has been retained by the Tata group at an auction held by the New Delhi Municipal Council (NDMC) on Friday.
“The Tata group’s Indian Hotels Company Limited (IHCL) has retained the property at a license fee of Rs 7.03 crore per month including GST. Earlier, they were paying Rs 3.94 crore per month as license fees,” a senior NDMC official said, PTI reported. The lease for the property will be granted to the group for 33 years at double the license fees.
Managing Director and Chief Executive Officer of IHCL Puneet Chawla expressed his delight that the Taj Mahal hotel would continue to remain a part of the IHCL family.
“We look forward to investing in the hotel and taking it to new heights of Indian hospitality. The Taj legend will continue to serve Delhi with elegance and charm,” said Chawla in his statement.
On successfully completing the last edition of the e-auction, the NDMC said: “Untiring and sustained pressure and pursuance by chairman NDMC has led to the discovery of truth in determining the best price as given by market forces in the e auction of TAJ mansingh…
“…NDMC has fetched about 79% increase in license fee in this particular e-auction and hope that the public resources of NDMC shall help us give budget that is needed for public welfare.”
The Taj Mansingh was given to the Tata group in 1978 on a 33-year lease, which ended in 2011. The company had since been given nine temporary extensions. The civic body could not auction the property then as it was tied up in a legal battle with IHCL.
(With PTI inputs)