Indian Hotels Co announced the cessation of Independent Directors, Deepak Parekh, Nadir Godrej and Ireena Vittal effective close of business hours on 26 August 2019.

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Net profit of Indian Hotels Co declined 62.91% to Rs 5.66 crore in the quarter ended June 2019 as against Rs 15.26 crore during the previous quarter ended June 2018. Sales rose 4.11% to Rs 1020.00 crore in the quarter ended June 2019 as against Rs 979.70 crore during the previous quarter ended June 2018.

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Indian Hotels Company will hold a meeting of the Board of Directors of the Company on 5 August 2019.

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Indian Hotels Co has signed a strategic partnership with Singapore's sovereign wealth fund, GIC for an investment framework to the tune of about Rs. 4000 crore or USD 600 million over a period of three years from the date of signing. This capital platform will be used to acquire fully operational hotels mainly in the Luxury, Upper Upscale and Upscale segments in India.

Key Highlights of the framework are:

• This platform allows IHCL to pursue acquisitions in an asset light format, with the equitycontribution from IHCL at 30% and the balance contributed by GIC, over a period ofthree years.

• The acquisitions are intended to be housed in a separate SPV with its own funding.

• The hotels acquired within the framework will be managed by IHCL under its marqueebrands.

• This framework will complement IHCL's current growth aspirations via managementcontracts.

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