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Reliance Communications has made full repayment of two loans amounting to $1 billion (around Rs 6,000 crore), during the quarter ended June 30.The repayments have been from the company's rupee resources.

Business News

DDA renews Taj Palace Hotel's lease for 25 years

Friday - Mar 29, 2013, 11:25am (GMT+5.5)
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New Delhi - The Delhi Development Authority (DDA) has renewed the lease of the Taj Palace Hotel for 25 years, it was announced here Thursday.

Situated in south Delhi's Sardar patel Marg near Chanakyapuri, the lease will come into effect April 1, 2013.

"The Indian Hotels Company Limited (Taj Group) is pleased to confirm that it has receivedtheconsent from the DDA confirming renewal of the license for the Taj Palace Hotel for a further period of 25 years," a statement said.

According to the hotel, it had originally entered into an agreement with DDA for the construction and license of the hotel for 30 years effective from April 1, 1983.

"IHCL has enjoyed a very cordial and beneficial business association with Delhi Development Authority over the past three decades and this recent development will further strengthenour partnership with DDAin the years to come," said Raymond Bickson, Managing Director and Chief Executive Officer, IHCL.

"The hotel has great equity in the industry owing to its superlative service standards, advantageous location and warm Indian hospitality," he added.

The hotel has hosted several world leaders and heads of state like French President Nicolas Sarkozy, former Chinese Premier Wen Jiabao, Russian Prime Minister Dmitry Medvedev, and former US Secretary of State Hillary Clinton.


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