HISTORY AND CERTAIN CORPORATE MATTERS
Introduction and Overview
The Company was incorporated in 1902 and it opened its first hotel, The Taj Mahal Palace & Tower, Mumbai
, in 1903. The Company then undertook
major expansion of The Taj Mahal Palace & Tower, Mumbai
by constructing an adjacent tower
block and increasing the number of rooms from 225 to 565 rooms. With the completion
of its initial public offering in the early 1970s, the Company began a long term
programme of geographic expansion and development of new tourist destinations in
India which led to its emergence as a leading hotel chain in India. From the 1970s
to the present day, the Taj Group has played an important role in launching several
of India's key tourist destinations, working in close association with the Indian
Government. The Taj Group has a philosophy of service excellence which entails providing
consistently high levels of personalized service and innovative means of improving
The Taj Group has been active in converting former royal palaces in India into world
class luxury hotels such as the Taj Lake Palace
in Udaipur, the Rambagh Palace
in Jaipur and Umaid Bhawan Palace
in Jodhpur. In 1974, the Taj
Group opened India's first international five star deluxe beach resort, the Fort Aguada Beach Resort
in Goa. The Taj Group also began its business in
metropolitan hotels in the 1970s, opening the five-star deluxe hotel Taj Coromandel
in Chennai in 1974, acquiring an equity interest and operating
contract for the Taj President
, a business hotel in Mumbai, in 1977, and
opening the Taj Mahal Hotel
in Delhi in 1978.
With the opening of the five star deluxe hotel Taj Bengal
in Kolkata in 1989; the Taj Group became the
only hotel chain with a presence in the five major metropolitan cities of Mumbai,
Delhi, Kolkatta, Bangalore and Chennai. Concurrently with the expansion of its luxury
hotel chain in the major metropolitan cities, the Taj Group also expanded its business
hotels division in the major metropolitan and large secondary cities in India.
During the 1990s, the Taj Group continued to expand its geographic and market coverage
in India. It developed specialized operations (such as wildlife lodges) and consolidated
its position in established markets through the upgrading of existing properties
and development of new properties. Taj Kerala Hotels & Resorts Limited was set
up in the early 1990s along with the Kerala Tourism Development Corporation. In
1998 the Taj Group opened the Taj Exotica Bentota
which strengthened the Taj Group's market
position in Sri Lanka. In 2000, the launch of the 56 acre Taj Exotica,
and the Taj Hari Mahal
in Jodhpur were completed.
In 2000, the Taj Group entered into a partnership with the GVK Reddy Group to set
up Taj GVK Hotels and Resorts Limited and thereby obtained a prominent position
in the market in the southern business city of Hyderabad, holding three hotels and
a major share of the market. In 2001, the Taj Group took on the management contract
of Taj Palace Hotel, Dubai
, and has established itself as an
up-market hotel in the Middle East region. The Taj Exotica Resort & Spa, Maldives
Taj Group into the premium luxury hotel market and since its opening in July 2002,
has won several international awards. The Taj Group also obtained licenses to manage
and operate two leisure hotels; the Rawal-Kot, Jaisalmer
and Usha Kiran Palace, Gwalior
in October 2002.
In September 2002, the Taj Group acquired an equity interest in the former Regent
Hotel in Bandra which gave the Taj Group access to the midtown and North Mumbai
market. The hotel has since been renamed as the Taj Lands End, Mumbai
In 2004 the Taj Group opened Wellington Mews
, its first luxury serviced apartment in
Mumbai. In the same year, the Taj Group also launched the first of its "value-for-money"
hotels in Bangalore branded 'Ginger', which division has 11 hotels in various
locations in India and is owned through its wholly owned subsidiary.
In 2005 the Company acquired on lease The Pierre
, a renowned hotel in New York City, to enter
the luxury end of the developed hotel markets internationally. The Company entered
into a management contract for Taj Exotica in Palm Island Jumeirah in Dubai to expand
its existing presence in the United Arab Emirates.
The Company enhanced its position as an operator of converted palaces by entering
into a management contract for Umaid Bhawan Palace, Jodhpur
in the princely state of Rajasthan
in India. The Company, through a subsidiary, acquired the erstwhile 'W'
hotel in Sydney, Australia in February 2006 and renamed it as 'Blue, Woolloomooloo
Bay'. To expand its presence in the US market, the Company acquired in early
2007 Ritz Carlton in Boston
and Taj Campton Place
in San Francisco.
Hotels operated by the Taj Group internationally are located in US, Australia, Dubai, Maldives, Malaysia, Sri Lanka, the United Kingdom, South Africa, Bhutan and Zambia.
Scheme of Amalgamation ("Scheme")
On October 12, 2006, the Board of Directors of the Company approved the Scheme,
under Sections 391 to 394 of the Companies Act for the for the amalgamation of Indian
Resorts Hotel Limited, Gateway Hotels and Getaway Resorts Limited, Kuteeram Resorts
Private Limited, Asia Pacific Hotels Limited, Taj Lands End Limited (Transferor
Companies) with the Company. The Scheme was approved by the respective High Courts.
Rationale for the Scheme of Amalgamation
The Transferor Companies and the Company were engaged in the leisure and business
hotels as part of the Taj group of hotels. A consolidation of the Transferor Companies
and the Company was therefore expected to lead to greater synergy in operations,
a more efficient utilisation of capital and create a stronger base for future growth
of business in general and the Company in particular. The amalgamation was expected
to result in administrative rationalization, organizational efficiencies, and optimal
utilization of various resources.
Milestones achieved by the Company since incorporation are listed below:
The Company begins business in metropolitan hotels by opening the five star deluxe
hotel, the "Taj Coramandel
" in Chennai.
The Company opens its first hotel outside India, the "Taj Sheba Hotel" in Sana'a,
The Company opens a five star deluxe hotel in Calcutta, the "Taj
The Company establishes the Taj Kerala Hotels and Resorts Limited with the Kerala
Tourism Development Corporation.
The Company opens the "Taj Exotica
" in Bentota, Sri Lanka.
The Company establishes Taj GVK Hotels and Resorts Limited with the GVK group to
operate three hotels in Hyderabad.
The Company is awarded the management contract for the "Taj
The Company obtains licences to manage and operate two leisure hotels: the "Rawal-Kot
" in Jaisalmer and the "Usha
The Company acquires an equity interest in "Regent Hotel" in Bandra, Mumbai which
is later renamed as the "Taj Lands End
The company opens its first Jiva Spa at the Usha Kiran Palace in Gwalior.
The Company launches its first luxury serviced apartments, "Wellington Mews
" in Mumbai.
The Company opens its first economy hotel under the brand "Ginger" in Bangalore.
The Company obtains a management contract to operate "The
" in New York, USA.
The Company entered into a management contract to operate the "Taj Exotica" in Palm
Island, Jumeirah, Dubai.
The Company acquires the "W" hotel in Sydney, Australia which is later renamed as
the "Blue Sydney
The Company acquires the "Ritz-Carlton" in Boston, USA which is later renamed as
the "Taj Boston
The Company commences operation of its second wildlife lodge at Baghvan, Pench
Taj Hotels Partner with Saraya Islands to Operate Taj Exotica Hotel in Ras Al Khaimah,
United Arab Emirates.
Taj Hotels and the Tashi Group join hands to create the new benchmark for premium
hotels in Bhutan - Taj Tashi Bhutan
ALDAR Hotels and Hospitality and Taj Hotels enter into an exclusive agreement involving
a number of hotel projects. The first hotel to be developed by ALDAR Hotels and
Hospitality under the agreement is a five-star, 500 room luxury resort hotel which
will be in a spectacular waterfront location on ALDAR's mega entertainment destination,
The Taj Safaris circuit will be complete in Madhya Pradesh with the addition of
two more luxury lodges in Panna, Pashan Garh
and Kanha, Banjaar Tola
celebrates the 120th season of summer polo matches
at the Myopia Polo Club in Hamilton, MA sponsoring the 2nd annual Taj Boston Cup.
Taj International Hong Kong Ltd, signed a management contract with Cuiting Hotspring
Hotel Management Company Ltd. Taj will operate the latter's Temple of Heaven
Park property in Beijing and the Hainan Hotel project.
Taj Safaris unveiled two new luxury lodges: Pashan Garh
and Banjaar Tola
which will be the third and fourth lodges
added to the Taj Safari circuit.
Taj Hotels Resorts and Palaces Introduces Telepresence Services in Collaboration
with Tata Communications.
Graze, the Modern European dining restaurant at Taj Residency
, the only restaurant in Bangalore to be honoured
the coveted Wine Spectator Award of Excellence 2008 from America's leading wine
appreciation magazine Wine Spectator.
Taj Hotels Resorts and Palaces have won the CondÃ© Nast Traveller UK in 10th Readers'
Travel Awards. Taj's luxury properties have been recognised within the following
categories: Overseas Business Hotel, the World's Top 100 and Overseas Leisure Hotel
in Asia and the Indian Subcontinent.
Taj Hotels Resorts and Palaces unveiled a premium business hotel - Taj Residency Trivandrum
. Enters into a Management contract with Dodla Intenational
Taj Hotels Resorts and Palaces, launched a new brand "The Gateway Hotel".
Taj Hotels Resorts and Places has ranked No. 1 in the Best Hotel Chain in India
category at the Business Traveller Awards 2008. The spas at the Usha Kiran Palace, Gwalior
and the Rambagh Palace, Jaipur
have been included among The
101 Best Spas in The World - Tatler Spa Guide 2008.
in cooperation with Susan Cole of Boston Assemblies
launches Social Style for Children. These etiquette programs for children provide
easy access to the social skills essential in daily life.
The Taj Boston
was named the best hotel in Boston and for the
second year in a row ranked , 22 among the world's top 100 hotels in the latest survey
of hotels worldwide by Institutional Investor magazine.
The Taj Hotels Resorts & Palaces 'No room for the Ordinary' advertising campaign
for the print media bagged the 2008 PATA Gold Award in the Marketing - Hospitality
category and also won a second award - the 2008 Gold Magellan Award.
The Gateway Hotel Athwa Lines Surat
has added a new block
of rooms to take up its inventory to 208 making it the largest hotel in Gujarat.
It also launches three brand new restaurants - "Flow" the all day dining restaurant,
"Spice" an Indian specialty restaurant and "T3" a Tea lounge and Deli.
With the announcement of its forthcoming reopening, The Taj Mahal Palace & Tower
provides further details on the reopening of the Tower Wing. 268 rooms will be available,
which include 9 Suites and 26 Taj Club Rooms. Exclusive services to commemorate
the special occasion of the hotel's reopening have been introduced with the
opening of the Tower Wing.
The Taj Group set up a public service welfare Trust fund named - "Taj Public
Service Welfare Trust"
(TPS Welfare Trust), In response to the unprecedented
attack on Mumbai between November 26 to 29, 2008, where many people from the security
forces, the Police, Fire service, hotel employees, guests of the Taj and general
public were killed or wounded.
Taj Hotels Resorts and Palaces unveiled a new world-class premium hotel in Chennai
- Taj Mount Road
awarded 2009 Mobil Four-Star honors in recognition
of its gracious and efficient service and luxurious accommodations and public spaces.
Taj Hotels Resorts and Palaces introduces Kefi - the Mediterranean restaurant at Taj Mount Road
Taj Safaris open doors of its new luxury lodge, Banjaar Tola
at Kanha National Park from February 18, 2009.
, re-opens on June 1 following a meticulous $100
million renovation to create new guestroom and bath interiors and to reconfigure
first floor public areas to accommodate a new restaurant, Le Caprice at The Pierre,
as well as 2 East, a new lobby lounge, and a graciously welcoming reception area.
Indian Hotels Company Limited announced that it is going to acquire a controlling
stake in ELEL, the company which holds a long term sub-lease for the land on which
the Sea Rock Hotel is located in Bandra, Mumbai, for Rs. 680 crores.
Karambir Singh Kang, General Manager, The Taj Mahal Palace & Tower, Mumbai
has been awarded the prestigious Virtuoso Hotelier of the Year Award, 2009 at the
Virtuoso "Best of the Best" Hotel Awards held in Las Vegas recently during
the Virtuoso's 21st Annual Travel Mart Conference.
Taj Lands End
introduces 125 new rooms comprising 107 Taj
Club rooms and 18 Suites, increasing the inventory to 493 rooms.
The Gateway Hotels has signed a management contract to set up a 125 room hotel on
a 16-acre prime location in Shirdi.
Rambagh Palace, Jaipur
has been voted the Best Hotel in
the World by CondÃ© Nast Traveller in the Readers Travel Awards for 2009 across travel
and industry categories, in the World Top 100. It also tops the list of 'Overseas
Leisure Hotels for Asia and the Indian sub-continent'. Scoring an overall 95.62,
Rambagh Palace has the 'best ambience/dÃ©cor' (98.12) and 'location' (96.5) of all
hotels in the category.
Taj Exotica Resort & Spa, Maldives
has been ranked 18th
best Overseas Leisure Hotel in Middle East, Africa & the Indian Ocean Islands
in the CondÃ© Nast Readers' Awards 2009.
relaunches Golden Dragon - The signature
Specialty Schezwan restaurant in the city.
The Taj Palace
launches Blue Ginger thus introducing Vietnamese
cuisine to the Delhi.
On 26th of November 2009, The Taj Mahal Palace & Tower, Mumbai
saw the coming together of employees and families of staff members, for a remembrance
meeting that paid respects to those who lost their lives last year. There were multi
faith prayers held for peace and harmony.
The standalone hotel, previously known as the Ummeid Jodhpur, was migrated to the
brand The Gateway Hotel Jodhpur
. This is the third Gateway property
in Rajasthan after Jaisalmer and Jaipur and the 33rd property in the country overall.
The Taj celebrates the opening of Taj Khazana at Taj Lands End
, its first signature boutique store in Mumbai.
The Indian Hotels Company Ltd announces its foray into Srinagar, in Jammu and Kashmir.
A management contract for a hotel under the upper upscale brand Vivanta by Taj was
signed on, December, 10, 2009 at Srinagar with SAIFCO Hill Crest Hotels Pvt. Ltd,
part of a well-known business house in the state.
Taj Hotels Resorts and Palaces, one of Asia's largest and finest group of hotels,
and VICTORIA-JUNGFRAU COLLECTION, an exclusive hotel group comprising four of Switzerland's
leading luxury hotels have entered into a strategic joint marketing alliance to
develop cross-promotional opportunities for both companies to harness each other's
strengths in their respective markets.
Taj Hotels Resorts and Palaces announced the opening of Taj Cape Town
. This new luxury hotel in the historic city of Cape Town is
a joint venture between Indian Hotels Company Ltd and city centre developers Euro
cape, with the investment in the project topping R500 million.
Taj Hari Mahal, Jodhpur
won the award in 'Hotel Providing
Best Facilities for Differently Abled guest' category. Chef Ananda Solomon,
Executive Chef, Taj President Mumbai
and Corporate Chef Taj Group of Hotels
along with Chef V.K. Chandrassekaran, Executive Chef Taj West End, Bangalore
has been awarded as 'Best Chef in India'
in the National Tourism Awards 2008-2009 by The Ministry of Tourism, Government
The Indian Hotels Company Ltd announced a new hotel in North-East India, with the
unveiling the foundation stone for Vivanta by Taj - Guwahati, Assam.
Indian Hotels Company Limited has been recognised for its employment engagement
at the workplace and is one of the 25 organisations to win the 'Gallup Great
Workplace 2010' awards announced by The Gallup Organization.
The Indian Hotel Company Limitied was chosen by the Credit Suisse Research Institute
as one of the 27 'Great Brands of Tomorrow'.
Taj Hotels Resorts and Palaces launches a new brand "Vivanta by Taj" in the Upper Upscale segment.
Taj Hotels Resorts and Palaces opens a new hotel - Vivanta by Taj - Dal View, Srinagar.