Tuesday, April 19, 2011

Leela may partner with Mukesh Ambani

New Delhi, Apr 18 (PTI) The accommodation alternation Leela Group Chairman C P Krishnan Nair, who is set to retire from alive administration this June, today said he will accede partnering Mukesh Ambani if there are adverse takeover threats from battling ITC. "If at all, there is a blackmail from ITC, Mukesh is available...If at any point of time I appetite (a partner), Mukesh will be my ideal partner," Nair said. He was responding to a concern if the Leela Group was afflictive with ITC gradually accretion pale in his firm. ITC has been boring accretion its pale in Hotel Leelaventure Ltd. As of the division concluded December 2010, ITC and its advance arm Russell Credit Ltd calm authority 11.7 per cent pale in the company. Nair said that while the Leela Group did not apprehend ITC to accomplish any attack for a adverse bid, "you never apperceive in the accumulated relationships". In such a scenario, accompany will appear to help, he said, highlighting the claimed accord that the apostle Nair ancestors has with chief Ambani. Mukesh Ambani''s Reliance Industries had aftermost year best up 14.80 per cent pale in EIH Ltd that runs the Oberoi and Trident brands of hotels and resorts. On his assumption plans, Nair---the 90-year-old accommodation veteran--- said he will be backward from alive administration by June and his sons Vivek and Dinesh will be elevated. "My son Vivek will booty over as the Chairman and I will become the Chairman Emeritus. The adolescent son Dinesh will be the Managing Director. This will be put up for shareholders'' approval at the Annual General Meeting of the aggregation to be captivated in June," he said. At present, Vivek Nair is the Vice-Chairman and Managing Director, while Dinesh Nair is the Joint Managing Director of the company. The Nair ancestors will calm abide to run Leela and alike the third bearing will accompany the business, he added. "I accept already put my will in place. The ancestors will abide to run the business together. My sons will accept according pale in the aggregation and if at all, any one of them wants to exit, again the aboriginal appropriate to shop for the pale will be with the other," he said. Nair additionally said that his grandchildren were already complex in the business and they would be animated to the akin of Executive Directors back the change of bouncer takes abode in June this year.


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