Profit

Sahara India makes Rs 3000 crore bid for NY Plaza: reports

 Share
EMAIL
PRINT
COMMENTS
Sahara India makes Rs 3000 crore bid for NY Plaza: reports

Infosys chief executive officer and managing director S. D. Shibulal


Washington: 

Highlights

  1. The Asian automaker is trying to burnish a reputation for quality and banish the jibes of the past, when its Accent sub-compact was dubbed the "Accident" and its boxy Trajet 7-seater the "Tragic".

Sahara India Pariwar Ltd made an unsolicited $600 million offer to acquire the landmark Plaza Hotel in New York, the Wall Street Journal reported, citing people familiar with the matter.

The deal would need the approval of Israeli-owned El Ad U.S. Holding Inc and their partner in the hotel, Kingdom Holding Co, controlled by Saudi Arabia's Prince Alwaleed bin Talal.

El Ad is examining the proposal, but has yet to discuss the offer at length with Kingdom Holding, the Journal said.
Sahara's offer values the hotel portion of the Plaza, spanning 230 rooms, at $400 million, with the remaining $200 million for the so-called retail portion of the hotel, which encompasses the hotel's banquet hall, fitness center and other common areas wholly owned by El Ad, the U.S. real-estate arm of Israeli entrepreneur Isaac Tshuva, Journal reported.

Sahara's bid also requires the termination of the present Plaza management by Fairmont Hotels and Resorts, which has managed the hotel since 1995, in favor of Sahara itself managing the property.

Sahara India, El Ad and Kingdom Holding officials were not immediately available for comment.

Copyright Thomson Reuters 2012



Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................

Top