Market Sources, 2009-06-15
by India Research Team
Delhi, India
HOSPITALITY
Indian Hotel bought stake in Sea Rock
As reported by the Financial Express, Indian Hotels Company Limited (IHCL), a Tata group company has acquired stake in ELEL Hotels and Investment Limited for a total of INR 680 crore. After the acquisition IHCL now holds 85 per cent stake in ELEL Hotels and intends to acquire it in future. The company would demolish Sea Rock Property and plans to rebuild a large convention centre and luxury suites.
HOME LOANS
SBI, UCO bank plan to reduce lending rates
State Bank of India and UCO Bank plan to reduce prime lending rates up to 50 basis points in near future. As reported by the Financial Chronicle, State Bank of India is looking at option to reduce its lending rates by 25 – 50 basis points to 11.75 per cent. On the other hand UCO Bank is looking at bringing its PLR rates to 11.5 per cent.
About Colliers International
Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 11,000 employees span the world in 293 offices in 61 countries. On a worldwide basis, Colliers manages 868 million square feet, and has revenue of over USD 2 billion.
Contact Information
India.Research@colliers.com
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