SHFSL TO PULL OUT OF FINANCE, PLANS VENTURE INTO HOSPITALITY

Article Abstract:

Sterling Holiday Financial Services Ltd of Chennai, promoted by Sterling Holiday Resorts (India) Ltd, has decided to exit the finance business and diversify into hotel and tourism sectors. It plans to construct and manage star hotels, restaurants, resorts and other related services. It has decided to seek shareholders approval to change its name to Sterling Hospitality Services Ltd. The company could not accept fresh public deposits after the Reserve Bank of India recently issued stringent guidelines for non-banking finance companies. (khr)

Comment:

Decides to exit the finance business and diversify into hotel and tourism sectors

Commercial Banking, Strategy & planning, Services discontinued, Business Financing, Sterling Holiday Financial Services Ltd.

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IHC TO PAY 85% DIVIDEND; TO WITHDRAW US OPERATIONS

Article Abstract:

Indian Hotels Company Ltd has decided to pay a dividend of 85 percent for 1997-98. It has decided to stop operations in the US by selling the Taj Lexington in New York and the Executive Plaza in Chicago. The company, which posted a 5.45 percent growth in turnover during April-July 1998, has planned to create separate profit centres for its international hotels business and its flight catering business. (khr)

Comment:

Decides to pay a dividend of 85% for 1997-98

Sales, profits & dividends, Indian Hotels Company Ltd.

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