Last checked at 4 Feb 2008 08:00
India Hospitality Corp. Announces Appointment of Ajay Mehra as Director
NEW YORK, Feb. 4 -- India Hospitality Corp. today announced the appointment of Mr. Ajay Mehra, age 59, to the board of directors.
"We are pleased to welcome Ajay to the board and the IHC team. Ajay brings with him a wealth of experience in the aviation and hospitality industries and we look forward to his future contributions to our growth," said Chairman of the Board, Jason Ader.
Mr. Mehra is currently the Managing Director, South Asia, for Airbus S.A.S. He joined Airbus in 2000 and has since generated $14 billion of business in the civil aviation industry through various sales and lease transactions. Mr. Mehra has over 30 years of experience in marketing and business development across industries, including capital goods, industrial products and consumer services. He has spent the last fifteen years of his career holding senior positions in the aviation industry, including with General Electric and Lucas Aerospace. Prior to Lucas Aerospace, Mr. Mehra worked for ITC Ltd.'s Hotels Division as General Manager of Marketing. Mr. Mehra resides in New Delhi, India. Mr. Mehra holds a Bachelor of Mechanical Engineering from Birla Institute of Technology (Mesra, Ranchi) and a Post Graduate Diploma in Marketing Management from Jamnalal Bajaj Institute of Management (Bombay).
Mr. Mehra had not been a director of any other company within the last five years. There are no further disclosures required to be made in relation to Mr. Mehra pursuant to paragraph (g) of the Schedule Two to the AIM Rules.
About India Hospitality Corp.
In August 2006, India Hospitality Corp. raised US $103 million in an IPO and private placement and is listed on AIM, a market operated by London Stock Exchange plc, under the ticker IHC. IHC was originally created as a blank check company and was sponsored and advised by Hayground Cove Asset Management LLC, a New York-based investment management firm.
In July 2007, IHC closed on the acquisition from Navis Capital Partners and its Affiliates of India-based Mars Restaurants Private Limited ("Mars"), an emerging hotel and restaurant company, and SkyGourmet Catering Private Limited ("SkyGourmet"), an airline catering company with 1,700 employees operating out of four locations in India.
In December 2007, in order to fund strategic growth initiatives, Hayground Cove and Navis Capital jointly invested US $28 million of additional capital in IHC, bringing their total invested capital to US $56 million. Following such reinvestment, Hayground Cove and Navis own approximately 52% of India Hospitality.
IHC generated approximately US $30 million in unaudited consolidated revenues in fiscal year ended March 31, 2007, an approximate 50% increase from 2006.
About Mars and SkyGourmet
Since its incorporation in 2000, Mars has diversified into bakery outlets and operating and managing food courts and hotels. SkyGourmet was incorporated in 2002 and is headquartered in Mumbai. SkyGourmet currently provides in- flight catering services to a number of domestic and international airlines, including Jet Airways, Kingfisher Airlines, Air India Express, Indian Airlines, Malaysian Airlines and Air France. It has operations in Mumbai, Bangalore, New Delhi and Pune.
For Further Information Contact: Investor Relations Contact: ICR Inc. William Schmitt 203-682-8200 Nominated Adviser and Broker: Deutsche Bank Mumtaz Naseem +44 20 7545 8000
Deutsche Bank AG is authorised under German Banking Law (competent authority: BaFin - Federal Financial Supervising Authority) and with respect to UK commodity derivatives business by the Financial Services Authority; regulated by the Financial Services Authority for the conduct of UK business. Deutsche Bank is acting exclusively for IHC and no-one else in connection with the acquisition and related transactions and other matters referred to in this announcement and will not be responsible to anyone other than IHC for providing the protections afforded to clients of Deutsche Bank AG nor for providing advice in relation to the acquisitions and related transactions or any matter referred to in this announcement.
Deutsche Bank is IHC's nominated adviser and broker for the purposes of the AIM Rules for Companies. Its responsibilities as IHC's nominated adviser and broker under the AIM Rules for Nominated Advisers are owed solely to London Stock Exchange plc and not to IHC, any director of IHC or any other person.
No offer or invitation to purchase or subscribe for ordinary shares in or warrants to purchase or subscribe for ordinary shares or warrants of IHC is being made by this announcement.
SOURCE India Hospitality Corp
02/04/2008
/CONTACT: Investor Relations, William Schmitt of ICR Inc., +1-203-682-8200; or Mumtaz Naseem, Nominated Adviser and Broker: Deutsche Bank, +44 20 7545 8000/
INDIA HOSPITALITY CORPORATION