Indian Hotels clarifies on news item regarding acquisition

With reference to the news item appearing in leading financial daily titled "Tatas acquire 81% stake in Amalgam arm", Indian Hotels Company Ltd has clarified that M/s Residency Foods & Beverages Ltd (RFBL) an associates company of the Company has made an investment aggregating Rs 18 crores in Amalgam Foods & Beverages Ltd (AFBL) and acquired 80.62% in AFBL. RFBL is an existing associate Company of the Company in the food & beverages line of business and the present acquisition has been made by RFBL in a related line of activity namely foods.

The news item does state that the investment has been made through one of the Company's associate entities. The Company does make investments from time to time in its associate companies and otherwise in the course of carrying out its business.

Further, RFBL is an unlisted Company in which the Company holds 25% equity.

Source : Equity Bulls

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