The Company was incorporated as Asian Hotels Limited (the Company) under the Companies Act, 1956, on 13th November, 1980, as a Public Limited Company. It was promoted by Mr. R.K. Jatia, Mr. R.S. Saraf and Late Mr. Chaman Lal Gupta, three Non-resident Indians together with Mr. Shiv Jatia and Mr. Sushil Gupta, their Indian associates.
On incorporation, the immediate object of the Company was to set up a five star deluxe hotel of international standards in Delhi. Hence Hyatt Regency Delhi came into existence. After soft opening in 1982 for the Asian Games, it became fully operational in the year 1983. Later the Company set up two more five star deluxe hotels - at Mumbai and Kolkata. While Hyatt Regency Kolkata was operational effective 1st January, 2003, Hyatt Regency Mumbai commenced operations effective 1st April, 2003.
In 2010, through a Scheme of Arrangement and De-merger sanctioned by the High Court of Delhi vide Order dated 13th January, 2010, the Mumbai Undertaking and Kolkata Undertaking of the Company primarily comprising Hyatt Regency Mumbai and Hyatt Regency Kolkata respectively, were transferred to and vested in two separate companies with effect from 31st October, 2009.
Consequently, post de-merger the Company, now known as Asian Hotels (North) Limited, has only one operational property namely Hyatt Regency Delhi.
In August 2010, after due regulatory notifications, the main promoter groups namely the R. K. Jatia & Shiv Jatia Group, Gupta Group and Saraf Group transferred their respective shareholding inter-se in the three de-merged entities. Resultantly, the R. K. Jatia & Shiv Jatia Group acquired shares held in the Company by the other two promoter groups named above.
In October 2010, the Company made a strategic investment by acquiring majority stake in Fineline Hospitality & Consultancy Pvt. Ltd., Mauritius; and through its subsidiaries namely Most Prof Hospitality & Consultancy Pvt. Ltd., Mauritius and Lexon Ventures Pte. Ltd., BVI acquired a controlling interest in Magus Estates and Hotels Limited, which owns and operates “Four Seasons” hotel in Mumbai.
Presently the Company, in addition to expanding its existing facilities, is in the process of constructing a new tower, comprising of serviced apartments and commercial space as part of the expansion at Hyatt Regency Delhi.
