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Taj group to acquire Kirloskar hotels in Maharashtra

Chairman of Indian Hotels Company Limited Ratan Tata today announced that the company will acquire two hotels in Maharashtra in the current financial year.

The two hotels are Blue Diamond in Pune and another hotel at Baramati. The company will acquire the two properties from the Kirloskar Group of Pune at an estimated cost of Rs 400 million. He made this announcement at the annual general meeting held in Bombay today.

He also disclosed that the company has sold off a hotel at New York for a consideration of US $ 100 million. He said that this year will see substantial improvement in total income and occupancy rate.

The first four months of the current financial year ended July saw a total income of Rs 1.78 billion which was down by four per cent as compared to the corresponding period last year. The occupancy rate has also gone down by five per cent and now stands at 51 per cent, Tata added.

UNI

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