MUMBAI Hotel Leelaventure Chairman Krishnan “Captain” Nair has convinced his sons to offer right of first refusal to one another before selling their shares in the company to outsiders.
The 89-year-old Nair hopes the agreement with sons Vivek and Dinesh will ensure that the hotel company he founded will remain in his family’s control for generations to come.
“They will work together and jointly grow the business and flourish,” Captain Nair tells The Economic Times. “The family is united and committed to making the Leela brand amongst the best in the luxury hotel groups in the world.”
Captain Nair is expected retire in the near future, handing over control of the company to Vivek and Dinesh. Under the new management structure, Leela Vice Chairman and Managing Director Vivek would become chairman of the company while Dinesh, currently joint managing director, would be vice chairman.
ITC owns 10% of Leela, and there is speculation that the company may make a hostile takeover bid for the hotelier, according to The Economic Times.