GVK mulls to sell stakes in TAJGVK

The company TAJGVK Hotels & Resorts Limited is a joint venture between the Tata Group's Indian Hotels Company Limited (IHCL) and the GVK Group.

There is buzz in the market that GVK Group might sell controlling stake in TAJGVK to Fairfax Holding, following a report by a business channel. The promoter holding of the TAJGVK is 74.99 per cent. IHCL and GVK both held 25.52 per cent stake in the company as of March 2018. Another 23.99 per cent is held by individuals of GVK Group.

However, GVK Group later commented on a business channel that the news about the group selling controlling stake in TAJGVK is baseless. GVK has a net debt of approx. Rs. 11,500 crore. The group is looking to reduce its debt by selling non-core assets.

TAJGVK company operates seven world-class properties with a total room base of around 1,000. The company's properties include four in Hyderabad, and one property each in Chennai, Chandigarh and Mumbai. The company focuses on business travelers and most of its properties are located in business destination.

At 14:48 hours on Wednesday, the stock of TAJGVK was trading at Rs. 224.65 per share, up 5.42 per cent. The stock opened with 4.18 per cent opening gain at Rs. 222.00, with a intraday high of Rs. 231.65.