Hospitality firm EIH Ltd, part of the Oberoi Group, on Thursday, said its broad has approved the sale of its entire stake in wholly-owned arm EIH Flight Services Ltd, Mauritius, for Rs 55.2 crore to France-based catering service provider Newrest Group International.

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The share purchase agreement will be executed in due course. The long stop date of three months from the signing of documents is being considered to conclude the transaction, EIH Ltd said in a regulatory filing.

"The board of directors at its meeting held on March 16, 2022, approved the sale of entire shareholding in the wholly-owned subsidiary EIH Flight Services Ltd, Mauritius, for a consideration of MUR 325 Million (equivalent Rs 55.2 crore), " it said.

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EIH Ltd, however, did not disclose reasons for the sale.

The buyer is Newrest Group International, a company incorporated in Toulouse, France, and does not belong to the promoter group companies, it added.

Newrest is a catering service provider active in all hospitality segments, including inflight, rail and group catering, retail, buy on board, duty-free, remote site and support service.

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(Edited by : Jomy Jos Pullokaran)

First Published:Mar 17, 2022 10:41 PM IST