Mumbai, August 24, 2026: The Indian Hotels Company Limited (IHCL) has announced that Oriental Hotels Limited (OHL) will be merged with the company through a Scheme of Arrangement, subject to the necessary statutory approvals and clearances.
The merger is aimed at simplifying the group’s holding structure, strengthening IHCL’s direct ownership across key entities and unlocking the potential of OHL’s portfolio of hospitality assets.
Puneet Chhatwal, Managing Director and Chief Executive Officer of IHCL, said the move aligns with the company’s Accelerate 2030 strategy and its broader focus on long-term value creation.
“By simplifying the group’s holding structure and unlocking the full potential of the OHL portfolio, including iconic assets such as Taj Coromandel, Taj Fisherman’s Cove Resort & Spa and Taj Malabar Resort & Spa, the merger will support strategic investments, inventory expansion and product enhancements,” he said.
Iconic Hotel Portfolio
Oriental Hotels Limited, an associate company of IHCL, currently has a portfolio of seven hotels with a total of 825 rooms.
Its portfolio includes prominent properties such as Taj Coromandel, Chennai, Taj Fisherman’s Cove Resort & Spa, Chennai, Gateway Coonoor, Taj Malabar Resort & Spa, Cochin, Vivanta Coimbatore, Vivanta Mangalore and Gateway Madurai.
In addition to its hotel assets, OHL also holds strategic investments in several IHCL group hotel companies in India and internationally.
Pramod Ranjan, Managing Director and CEO of Oriental Hotels Limited, said the merger would enable OHL shareholders to participate directly in IHCL’s growth journey.
He highlighted IHCL’s recent growth and diversified hospitality ecosystem, noting that the company has delivered multiple consecutive quarters of record performance while expanding its portfolio and strengthening profitability.
Share Exchange Ratio
Under the proposed Scheme of Arrangement, shareholders of Oriental Hotels Limited will receive 25 IHCL shares for every 117 OHL shares held.
The transaction will be entirely stock-based, with an appointed date of April 1, 2027. Subject to the required approvals, the merger is targeted for completion during the second half of FY2028.
Ankur Dalwani, Executive Vice President and Chief Financial Officer of IHCL, said the merger would simplify the group structure and increase IHCL’s direct ownership across several entities.
The restructuring is also expected to create two new operating subsidiaries, streamline governance, optimise overheads and improve operational efficiency.
Advisors for the Transaction
For IHCL, PwC Business Consulting Services LLP acted as the Registered Valuer, while Kotak Mahindra Capital Company Limited provided the Fairness Opinion. Cyril Amarchand Mangaldas acted as legal counsel.
On behalf of OHL, SSPA & Co., Chartered Accountants acted as the Registered Valuer, Motilal Oswal Investment Advisors Limited provided the Fairness Opinion, and Kochhar & Co. acted as legal counsel.
IHCL’s Growing Global Presence
Founded by Jamsetji Tata, IHCL opened its first hotel, The Taj Mahal Palace in Bombay, in 1903. Today, the company operates a diversified hospitality portfolio spanning brands including Taj, Vivanta, Ginger, SeleQtions, Gateway, Tree of Life, Brij and Atmantan.
IHCL currently has a portfolio of 650 hotels, including 268 properties in the pipeline, spread across four continents, 15 countries and more than 300 locations.
The proposed merger with Oriental Hotels Limited marks another strategic step in IHCL’s expansion plans as it continues to strengthen its hospitality ecosystem under the Accelerate 2030 strategy.
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