Indian Hotels Company (IHCL) transitions its joint venture with the GVK-Bhupal family into a long-term management agreement for Taj GVK Hotels and Resorts Ltd. IHCL will sell its 25.52% shareholding to the GVK-Bhupal family, who will then hold 74.99%. IHCL will continue managing 6 operational hotels, alongside future opportunities with the GVK-Bhupal family in India’s hospitality sector. This is effective as of December 19, 2025.
Strategic Shift to Management Agreement
The Indian Hotels Company (IHCL), India’s largest hospitality company, announced a redefined alliance with the GVK-Bhupal family on December 19, 2025. The joint venture will transition into a long-term management agreement for Taj GVK Hotels and Resorts Ltd. This strategic move aligns with IHCL’s ‘Accelerate 2030’ roadmap, focusing on a capital-light strategy.
Key Transaction Details
As part of the new arrangement, IHCL will sell its entire shareholding of 25.52% in TAJ GVK to the GVK-Bhupal family. Upon completion, the GVK-Bhupal family will hold 74.99% of the company. The existing partnership between IHCL and the GVK-Bhupal family has cultivated a portfolio of seven hotels featuring over 1,500 keys.
Future Growth and Collaboration
IHCL will continue to manage the currently operational 6 hotels. Furthermore, both IHCL and the GVK-Bhupal Family will collaborate on evaluating future opportunities within the Indian hospitality sector. A management contract with IHCL was executed in October 2025 for a 256-key Taj in Yelahanka, Bengaluru, slated to open in 2026, with expansion potential on the remaining ~4-acre land.
Management Commentary
Mr. Puneet Chhatwal, Managing Director & CEO of IHCL, stated that this transition elevates IHCL’s capital-light operating inventory to 67%. Mr. Krishna Bhupal highlighted the long-standing association’s role as a benchmark in India’s hospitality landscape. He also mentioned plans to scale the hospitality business to approximately 4,000 keys within the next five years.
Source: BSE