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Hotel Leela Chief, Captain CP Krishnan Nair, to Step Down in June,
Handing Over Management of the Hotel Company to his Two Sons

The Economic Times, IndiaMcClatchy-Tribune Regional News

April 20, 2011--NEW DELHI -- Captain CP Krishnan Nair said he will step down as the chairman of luxury hospitality firm, Hotel Leela Venture Ltd, by June this year handing over the active management of the hotel company to his two sons.

At 10:20 am, shares of Hotel Leela Venture Ltd were trading unchanged at Rs 42.60 on the Bombay Stock Exchange.

"My son Vivek will take over as the chairman, while my younger son Dinesh will be the vice-chairman," the 90-year old hospitality sector veteran said on Monday after launching a new hotel in Chankayapuri in New Delhi. The group's second hotel property in Delhi NCR area has been set up with an investment of Rs 1,800 crore, and is said to be one of the most expensive hotel projects in the country.

Vivek Nair is currently the company's vice-chairman and managing director while Dinesh Nair is the joint managing director of the company. The proposed changes in the top management of public listed Hotel Leela Venture will be up for shareholders' approval at the annual general meeting scheduled for June.

Captain Nair said both his sons will own equal stake in the company and have first right of refusal if one decides to sell out. The promoters own 55 percent stake in Hotel Leela Venture that may shrink a bit with a proposed plan to raise around Rs 600 crore by issuing shares to financial investors in the next few weeks.

The company is also planning to enter the mid-market hotel segment and will launch a 3-star hotel brand especially targeted at religious tourist destinations in the next 3-4 years. "We keep getting requests to manage hotels which do not fit the luxury category. We have plans to launch a mid - market brand to expand on management contracts," said Vivek Nair vice-chairman & managing director Hotel Leela Venture.


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