GMR In­fra to sell Novo­tel ho­tel via Swiss Chal­lenge method

The Pak Banker - - COMPANIES/BOSS -

MUM­BAI: GMR In­fra­struc­ture Ltd is plan­ning to sell GMR Ho­tels and Re­sorts Ltd, which owns and man­ages Novo­tel Hy­der­abad Air­port Ho­tel.

The bid­ding process for selling the ho­tel is at a very early stage of call­ing for so-called ex­pres­sion of in­ter­ests (EoIs) and the com­pany will take a suit­able de­ci­sion based on any in­ter­est re­ceived over and above the floor price, GMR In­fra­struc­ture said in a fil­ing to BSE on Fri­day. Novo­tel Hy­der­abad Air­port Ho­tel is owned by GMR Hy­der­abad In­ter­na­tional Air­port Ltd. The com­pany said it was plan­ning to sell the ho­tel since fi­nan­cial year 2014.

"In the mean­time, GMR Air­ports Ltd (hold­ing com­pany of GMR Group's air­port busi­nesses) had of­fered to ac­quire the GMR Hy­der­abad In­ter­na­tional Air­port's stake in GMR Ho­tels and Re­sorts. The board of GMR Hy­der­abad In­ter­na­tional Air­port could not de­cide on the of­fer and sug­gested bid­ding process un­der Swiss Chal­lenge method," the com­pany said. Un­der the Swiss Chal­lenge sys­tem, third par­ties are al­lowed to make bet­ter of­fers (chal­lenges) for a pro­ject dur­ing a des­ig­nated pe­riod while the orig­i­nal bid­der is given the right of first re­fusal and the right to counter-match any su­pe­rior of­fers given by a third party.

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