Cyril Amarchand Mangaldas has advised The Indian Hotels Company Limited (IHCL) on the proposed merger of its associate company, Oriental Hotels Limited (OHL), with and into IHCL through a Scheme of Arrangement approved by the boards of both companies on August 24, 2026. Kochhar & Co. acted as legal counsel to OHL on the transaction.
Under the proposed all-stock transaction, eligible OHL shareholders will receive 25 equity shares of IHCL for every 117 equity shares held in OHL. The appointed date under the scheme is April 1, 2027, with completion targeted for the second half of FY2028.
The merger is aimed at simplifying the group’s holding structure, creating operational and cost synergies and improving resource utilisation. OHL operates a portfolio of seven hotels with 825 rooms, including Taj Coromandel and Taj Fisherman’s Cove in Chennai and Taj Malabar Resort & Spa in Kochi.
The transaction remains subject to approvals from the National Company Law Tribunal, shareholders and creditors, stock exchanges, SEBI and other relevant regulatory authorities.
For IHCL, PwC Business Consulting Services LLP acted as registered valuer and Kotak Mahindra Capital Company provided the fairness opinion. For OHL, SSPA & Co. acted as registered valuer and Motilal Oswal Investment Advisors provided the fairness opinion.
The CAM deal team comprised partner Pranay Chandran, with senior associate Pranav Sharma and associates Naman Jain and Ajitesh Arya. Partner and head – competition, Avaantika Kakkar advised on competition aspects with senior associate Ananya Mahant.
