Tata-owned Indian Hotels Co Ltd denied reports that it was in talks with Hyderabad-based GVK Reddy family to merge their joint venture Taj GVK with Indian Hotels.
The company was reacting to a news item in CNBC TV18 news channel claiming that the GVK family was negotiating a swap ratio for merging the two companies.
“We would like to clarify that the said news item is an absolutely unfounded one. There are no such plans. Such topic has never ever even been touched upon,” said a statement from the company.
TajGVK Hotels & Resorts Ltd is a joint venture company between Indian Hotels Co Ltd, a Tata group company and the Hyderabad-based GVK Group.
The Company owns & operates three five star hotels in Hyderabad and one five star hotel each in the cities of Chennai and Chandigarh.