Indian Hotels Company, company operating hotels and maintaining long term leases/licenses for hotels in India, agreed to acquire the remaining 14.28% stake in ELEL Hotels and Investment, a company that owns and operates hotels, from Nanda family for $34m. "The visionary redevelopment of Sea Rock promises to be not only another defining landmark in India's commercial capital of Mumbai but also an opportunity to build an iconic sea front hotel in South Asia," Puneet Chhatwal, IHCL Managing Director and CEO.