NEW DELHI, March 11 The Indian Hotels Company
Limited (IHCL) expects to make an additional provision
for its overseas and domestic investments, some of which have
been adversely affected "due to a sustained depression in the
macroeconomic and market environment," the company said in a
statement on Tuesday.
Indian Hotels, a part of the Tata conglomerate, expects to
make an additional non-cash provision of 4 billion rupees ($66
million) in its standalone profit and loss statement for the
year ending March 31, and a provision of 1 billion rupees in its
consolidated statement, the company said.
"With the economic uncertainty expected to continue over the
near and medium term, it has had an impact on the downward
revision of projected cash flow expectations from some of the
underlying affected investments," it said in the statement.
The impairment will not affect the company's financial
covenants related to its borrowings, Indian Hotels, which owns
and operates the Taj chain of hotels and resorts, said.
($1 = 60.8750 Indian rupees)
(Reporting by Aditi Shah; Editing by Sunil Nair)