Indian hotels posts net loss

Indian Hotels on Tuesday posted a net loss of Rs. 6.36 crore for the quarter ended September 2012, as against a net profit of Rs. 8.35 crore in the year-ago period.

Indian Hotels on Tuesday posted a net loss of Rs. 6.36 crore for the quarter ended September 2012, as against a net profit of Rs. 8.35 crore in the year-ago period.

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The company said that a formal response to IHCL’s proposal to acquire Orient Express Hotels is awaited. IHCL had approached Orient Express to acquire 93.1% of class A shares. “The proposal is valued around $1.86 billion including Orient Express’ existing outstanding debt. The proposed acquisition would be financed through a combination of debt and equity, along with a financial investor,” the company said.