Indian Hotels Company, which announced the acquisition of closed Sea Rock hotel at Bandra from ELEL for Rs 680 crore, said on Friday that it
will set up a hospitality landmark at the site including a world-class convention centre.
"We will demolish the existing property and set up a world-class one having a convention centre, like the Bruj in Dubai, retail and commercial operations among others," Tata Sons’ Director and Vice-Chairman of IHCL R K Krishna Kumar said here.
Kumar said that the company has all the necessary approvals to start working on the project and the demolition job of the existing structure would start in two weeks.
"The entire work should be completed in two to three years time," Kumar, said adding that IHCL was yet to draw up the detailed lay-out in the proposed project.
IHCL had raised Rs 1,400 crore through a rights issue which among other sources would fund the acquisition. IHCL has the option to entirely acquire ELEL.
During the serial bomb blast in Mumbai in 1993, Sea Rock hotel was also affected and since then it remained clsoe. IHCL owns Taj Land’s End at Bandra in Mumbai, bang opposite to the Sea Rock hotel.
Source: Economic Times