Samsara Properties, the wholly-owned offshore subsidiary of The Indian Hotels Company (IHCL), on Thursday said that it has divested its shareholding in Blue Sydney, A Taj Hotel, to Hong Kong-based Hind Hotels & Properties Group for about A$32 million, or about R180 crore.
ďThe divestment has been undertaken as part of the Taj Groupís strategy to focus on markets which are core to the groupís operations, and to create liquidity to fund the companyís ongoing expansion in such markets,Ē IHCL said in a release.
ďAsia Pacific and particularly China have been identified as targets for expansion,Ē it added. IHCL expects to close the Blue Sydney transaction by October 31, 2104.
The Taj Group of Hotels, which acquired Blue Sydney in 2006, also added in the release that the sale of its Australian property does not lesses the groupís interest in the Australian market.
ďAustralia is the fifth-largest source market for Taj Hotels Resorts & Palaces, and outbound Australian business in particular remains a high priority for the Group.Ē