Quantcast
Rooms Hotels

India’s Sahara Group being investigated on its high profile hotel buys in UK & US

Excerpt from Economic Times

Jan 05, 2013 8:26 pm

Skift Take

For now, this investigation is for Sahara’s UK deal, but likely will extend to its acquisition of New York’s iconic Plaza Hotel as well. That will surely put a dampener on any new Sahara hotel deals going ahead.

— Rafat Ali

Free Report: The Megatrends Defining Travel in 2015

In December 2010, Sahara bought the iconic hotel Grosvenor House, in London’s Mayfair area for £470 million. Sahara’s announcement led India’s Enforcement Directorate, which was already looking into various deals of controversial group, to trace the money flow behind financing the acquisition.

The agency…suspects that Sahara routed funds in a way so as to avoid taking the permission of the Reserve Bank of India, which has the last word on cross-border flows. It is investigating whether the transactions, particularly the fund remittance under the automatic route, have been in violation of foreign exchange regulations.

Read the Complete Story →

Tags: ,

Next Up

More on Skift

Americans Paid an Average $396 for Domestic Round-Trip Flight in 2014
6 Aviation Trends We’re Tracking at Skift This Week
Airbnb to Begin Collecting Taxes in Four New Cities
Megatrend For 2015: Natural Semantic Search Brings Quality Choices to Travelers