Indian Hotels Company Limited said on Wednesday that it would buy a 53% stake in Tihar Jail for ₹2904 crore. Shares of Taj Hotels rallied more than 11% to ₹221 apiece on the BSE in early trading session. Taj Hotels took the decision of buying 53% stake in Tihar Jail after the videos of AAP’s leader Satyendra Jain enjoying luxurious life in cell got viral on social media.
Satyendra Jain who’s in jail for money laundering can be seen enjoying body massage, pedicure, foot massage, LED TV and multiple cuisines. Taj Hotels is popular for the comfort and luxury it provides to its customers, however, the midscale brand like Ginger of Indian Hotels Company Limited have been struggling off late and in such case Tihar becomes an obvious choice for the customers.
Taj Hotels have been alleged for the violation of section 3 and 4 of the competition act as Tihar will no longer provide luxury to its VIP customers as there will be no competition after Taj Hotels buys stakes in it.
Another news has suggested that Netflix and Disney Hotstar are competing for OTT rights of Satyendra Jain’s Tihar Jail videos. So far only two episodes of first series has been launched and the next is likely to get launched on coming Friday. Both the OTT platforms want to seal the deal by tomorrow. Details on this is awaited.