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The Indian Hotels Company Limited (IHCL) has sold its entire shareholding of 1,60,00,400 equity shares in Taj GVK Hotels & Resorts Limited (Target Company) to Ms. Shalini Bhupal for ₹370 per share, totaling ₹570 crore. This sale represents 25.52% of the Target Company's shareholding.

Consequent to the share sale, a termination agreement was executed between IHCL, various GVK promoters, and the Target Company. This agreement terminates the Restated and Amended Shareholders’ Agreement dated November 4, 2011, and the Name and Trademark License Agreement dated November 22, 2007. As a result, all rights and obligations under these agreements are cancelled and annulled.

IHCL's nominee directors on the Board of the Target Company have stepped down, and the Target Company is required to discontinue the usage of the ‘Taj’ name from its corporate identity and change its name accordingly. IHCL will continue to manage and operate the existing portfolio of hotels of the Target Company under separate Hotel Operating Agreements.

In terms of financial contribution, the Target Company's contribution to IHCL's revenue and net worth is NIL as it is accounted for as a Joint Venture. However, in FY24-25, IHCL's share of profit from this JV was ₹29.09 crore. The fee received by IHCL for managing the portfolio of hotels under the Target Company in FY24-25 was ₹25.32 crore, representing 0.30% of IHCL's turnover.