Mumbai: Indian Hotels Company (IHCL), which
operates the Taj brand of hotels, will invest Rs 350 crore in the current fiscal even as it expects the industry to "continue to face challenges" in the near term, Chairman Ratan
Tata said on Monday.
"Capex for this year is Rs 350 crore," Tata told shareholders at IHCL`s 108th Annual General Meeting here.
The company is currently working on expansion and restoration of 12 properties in India, Middle East and US,
most of which are expected to open in 2009.
"The hotel and tourism industry will continue to face challenges in the near term," Tata said referring to the
industry having taken a big hit due to the global economic meltdown.
"Occupancy rates presently are 70-75 per cent. As the economic situation improves, the occupancy will also improve,"
Tata said the company is seriously looking at enhancing security cover at The Taj Mahal Palace & Towers in South
Mumbai, which was one of the nodal points of last year`s
"We are seriously looking at enhancing the security at the Taj, both visible and invisible. We are seeking
collaboration and advice from a particular agency. We will
formalise and announce the association in due course of time,"