Last checked at 22 Apr 2009 07:00
IHC Obtains Extension for Its Delhi Air Catering Unit
LONDON, April 22 -- India Hospitality Corp. today announced that it has obtained a contract extension for its Delhi Air Catering Unit until March 2011. The contract was originally set to expire in March 2009.
The extension enables SkyGourmet to continue its operations in the state-of-the-art facility and grow its business from the existing facility, which was built in March 2007, without incurring any additional capital expenditures. As a part of the privatization initiative, Delhi International Airport is currently being remodeled and expanded by a consortium led by GMR Group, which will position Delhi as the largest airport in India and amongst the biggest in Asia.
"We are pleased to extend our relationship with Delhi International Airport and look forward to its expansion," said Chief Executive Officer Ravi Deol. "This extension provides additional cash flow visibility for SkyGourmet and demonstrates that SkyGourmet remains the premier air catering service in India."
About India Hospitality Corp.
India Hospitality Corp. (IHC) is a diversified pan-Indian hospitality and leisure company. In July 2007, IHC closed on the acquisition from Navis Capital Partners and its Affiliates of India-based Mars Restaurants Private Limited, an emerging hotel and restaurant company, and SkyGourmet Catering Private Limited, an airline catering company with 2,800 employees across its facilities in India.
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.
CONTACT: Media, Harsh Wardhan of Mutual Public Relations Ltd., +91-11-43620700; or Investor Relations, William Schmitt of ICR Inc., +1-203-682-8200; or Nominated Adviser and Broker, Mumtaz Naseem of Deutsche Bank, +44-20-7545-8000, all for India Hospitality Corp.
(IHC.L)
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