EIH experiences Rs 16 cr web revenue in This fall; Arjun Singh Oberoi appointed chairman

EIH Restricted, which runs the Oberoi chain of resorts and resorts, on Wednesday reported a consolidated web revenue of Rs 15.85 crore for the fourth quarter ended March 2022.

The corporate had posted a lack of Rs 48.83 crore within the corresponding interval of the earlier fiscal.

EIH Restricted additionally introduced that its long-serving Chairman and Director Prithviraj Singh Oberoi has relinquished his place attributable to deteriorating well being, and Arjun Singh Oberoi has been appointed by the board as the manager chairman with quick impact.

Arjun Singh Oberoi has been an government director of the corporate for over twenty years and has over 30 years of expertise within the lodge trade, EIH Restricted said.

For the 2021-22 monetary yr, the corporate incurred a lack of Rs 95.06 crore, in comparison with a lack of Rs 375.44 crore within the earlier fiscal, a regulatory submitting confirmed.

”The implications of the Covid-19 outbreak on the corporate’s and its subsidiaries’ enterprise for the yr ended 31 March 2022 and 31 March 2021 have been extreme,” EIH Restricted mentioned.

The corporate additionally knowledgeable that it has obtained a agency supply from an purchaser (unrelated occasion) on the market of the whole shareholding in its wholly-owned subsidiary EIH Flight Providers Restricted Mauritius (EIHFSL). The sale consideration of Rs 53.3 crore has been thought-about because the honest market worth of the enterprise, it added.

The mandatory steps for the sale of the subsidiary, together with execution of the sale buy settlement and mandatory regulatory approvals, shall be taken. The administration expects the sale to be accomplished within the subsequent 12 months from the top of the monetary yr, it added.

 

Additionally Learn: Google onboards former NITI Aayog official Archana Gulati as India coverage head

Additionally Learn: Meals Min pitches for five% GST on de-oiled rice bran