The Indian Hotels Company Limited (BSE:500850) agreed to acquire the remaining 14.28% stake in ELEL Hotels and Investments Limited from Claridges Hotel Private Limited and Excalibur Limited for INR 2.5 billion on November 11, 2019. On July 21, 2020, a binding agreement was signed. ELEL Hotels and Investments Limited will become a wholly owned step down subsidiary of The Indian Hotels Company Limited. The payment will be structured on achievement of set milestones through multiple installments staggered over a period, with full buyout by December 31, 2021. The transaction is subject to signing of a definitive agreement. The board of directors of The Indian Hotels Company Limited approved the transaction on November 11, 2019. The transaction is expected to complete on December 31, 2021. The Indian Hotels Company Limited (BSE:500850) completed the acquisition of remaining 14.28% stake in ELEL Hotels and Investments Limited from Claridges Hotel Private Limited and Excalibur Limited on December 28, 2021.