Indian Hotels’ vice-chairman RK Krishna Kumar said his company would be happy to raise its stake in Orient-Express Hotels where it currently holds 9.7%. “The Tata group does not make hostile moves,” he stated at a press conference.
IHCL initially held 11.5% in Orient-Express which dropped to 9.5% after a fresh issue of shares. New York-listed Orient-Express Hotels (OEH) owns several luxury resorts, tourist trains and cruises. According to Mr Krishna Kumar, discussions have been in progress with Orient Express on issues related to management contracts and marketing tie-ups.
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