Tatas sell Ginger hotel property in Bengal, more selloffs possible

The Tatas’ owned Roots Corporation, which owns the no-frills hotel chain-‘Ginger’ has sold out its property at Durgapur in West Bengal to Kolkata-based Rose Valley Group, a fast emerging diversified conglomerate, for an undisclosed sum.

Tatas’ budget hotel chain is also in talks with the same group for selling out at least two other properties at Haridwar in Uttarakhand and Agartala in Tripura.

Officials in the know said that the latest development may actually be part of the $72 billion group’s overall asset stripping initiative, which could see at least three to four Ginger properties being sold off, thereby bringing down the leverage on the books of Indian Hotels (IHCL). Ro­ots Corporation is a wholly owned subsidiary of IHCL.


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