Indian Hotels says reviewing options for Orient-Express bid
MUMBAI Feb 11 (Reuters) - Indian Hotels Co Ltd, part of the diversified Tata Group, reported a 28 percent rise in quarterly net profit beating estimates and said it was reviewing its options after Orient-Express Hotels rejected its takeover bid.
The company, which owns and operates the chain of Taj hotels and resorts worldwide, made an unsolicited $1.2 billion bid for U.S.-listed, luxury hotels group Orient-Express in October.
On Nov. 8, 2012 , Orient-Express rejected a $1.2 billion takeover offer from Indian Hotels, saying it was too cheap.
The company said net profit rose to 646.2 million rupees ($12.07 million) for October-December, up from 504.8 million rupees a year earlier.
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India's economic growth probably slowed to around 5 percent in the three months to September, slipping from 5.7 percent in the previous quarter, two senior finance ministry sources said, putting pressure on the central bank to cut interest rates. Full Article