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Taj Group to expand in US, Europe, SE Asia via buyouts

The Indian Hotels Company Ltd, India's largest hotel chain owns that operates Taj hotels across the country, has planned to expand its network in the United States, Europe and south-east Asia through acquisitions.

Addressing a press conference after inaugurating the new lobby at the Taj Mahal Hotel in Bombay on Friday, Taj Group of Hotels managing director Krishna Kumar said: "We have shortlisted two of strategic partners to go in for acquiring hotels in the US and Europe. We have chalked out a plan to acquire hotels in south-east Asia through Taj Asia, a proposed combine of Taj Group Hotels in Sri Lanka and Maldives."

The group is interested in introducing Taj at New York, Manchester and London under our plan of worldwide expansion, Kumar said.

He said that the company will raise funds by selling equity and raising debt. He, however, said that the group had also other options for raising funds for the proposed acquisitions.

The Taj Group has also kept aside Rs 2.50 billion for the renovation and modernisation purposes for the next five years, he informed.

Kumar said that the group had undergone some fundamental changes during the last three years, making it of international standards.

Internationalisation of management is also on in the group, he informed.

According to him, the group has decided to set up Taj Asia venture by combining Taj Hotels in Sri Lanka and Maldives to use the vehicle to acquire hotels in south-east Asia.

Kumar unveiled the newly renovated sections -- entrance and lobby areas -- 'Zodiac Grill' -- and 'Starboard', the new bar at the hotel.

Designed by Hersch Bredner Associated, USA, the renovated areas have a greater emphasis on an international look and feel.

UNI

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