Shangri-La, the Hong Kong-based hospitality major, has ended its management contract with Pallazzio Hotels & Leisure, a subsidiary of real estate developer Phoenix Mills. Putting out a statement earlier in the day, Shangri-La said, “Shangri-La International Hotel Management and Pallazzio Hotels and Leisure have mutually decided to end their relationship and Shangri-La will withdraw from the management of the Shangri-La Hotel, Mumbai. The hotel will be handed over to the owning company and will no longer be part of Shangri-La Hotels and Resorts.?
Confirming the development, Shishir Shrivastava, director, Pallazzio Hotels & Leisure, said that both companies “have mutually decided to end their relationship” and Shangri-La will withdraw from the management of the Shangri-La Hotel, Mumbai on September 6, 2013. However, Shrivastava said the expansion plans in the hotel will continue as planned and it will shortly announce a new luxury operator that will take over the management of the hotel. He refused to comment on the reasons for ending the contract.
Crisil to sell 49% stake in IISL for R100 crore
Crisil has said it will sell 49% stake in IISL for R100 crore to NSE Strategic Investment Corp. India Index Services & Products (IISL) is Crisil’s joint-venture with National Stock Exchange (NSE) of India. “… Crisil will be selling its equity stake in India Index Services & Products (IISL), comprising 6,37,000 equity shares of face value R10 each and representing 49% of the total equity share capital of IISL to NSE Strategic Investment Corporation,” it said in a filing to the BSE.
Edgard Olaizola is Eli Lilly?s MD for India, Sri Lanka ops
Drug firm Eli Lilly and Co India said Tuesday it has appointed Edgard Olaizola as its managing director for operations in India and Sri Lanka with effect from September 1, 2013. Olaizola will succeed Melt Van Der Spuy, who has been promoted to the position of vice-president, emerging markets (Latin America and Asia-Pacific) for Elanco Animal Health, a fully owned subsidiary of Eli Lilly. He brings with him over 13 years of experience in Eli Lilly, with a host of senior-level positions across different markets, including the US, Canada, Peru, Ecuador and Bolivia.
Five TN PSUs bought 3.56% in Neyveli: FM
Five Tamil Nadu state PSUs picked up 3.56% of the government’s stake in disinvestment of Neyveli Lignite Corporation, Parliament was informed Tuesday. The State Industries Promotion Corp of Tamil Nadu (TN), TN Industrial Investment Corp, TN Power Finance and Infra Dev Corp, TN Urban Finance and Infra Dev Corp and TN Industrial Dev Corp have bought stake in Neyveli, finance minister P Chidambaram said in a written reply to the Rajya Sabha.
Prabhat Dairy receives R140 cr from PE firm
Prabhat Dairy (PDPL) has received an investment of R140 crore from PE firm India Agribusiness Fund, which is sponsored by Rabobank and Proparco, a French development finance institution. PDPL supplies dairy-based food ingredients to multinationals and Indian food and beverage companies. The company also markets value-added dairy products.
PE firm invests R42 crore for 8% in TVC Skyshop
Private equity firm Morpheus Fund has made a primary investment of R42 crore for an 8% stake in TVC Skyshop, valuing the company at R500 crore. Founded in 2000, TVC Skyshop is a multi-channel direct-to-consumer virtual retailer deploying multiple platforms such as print media, direct response television, internet and catalogue. The company has a distribution model with pan-India penetration and the ability to deliver products in over 3,500 towns.
