India’s Taj Hotel chain to sell assets as economy weakens

MUMBAI: The luxury hotel chain controlled by India’s Tata Group is looking to sell some assets and avoid owning new properties in an effort to further pare debt, as it braces for a slump in consumer spending.

Indian Hotels Co, Tata’s listed firm that operates the Taj brand, planned to dispose of certain budget inns in the nation’s non-metro areas and lease them back for a fee, Puneet Chhatwal, managing director and chief executive officer said in an interview.