Prithvi Raj Singh Oberoi has stepped down as Chairman and Director at hospitality major EIH – which owns the Oberoi and Trident branded hotels – effective May 3 on account of his deteriorating health. He was the executive chairman since 2002.
Arjun Singh Oberoi has been appointed in his place as Executive Chairman with immediate effect, the company said in a statement to the bourses.
PRS Oberoi, now 93 years old and popularly known as “Biki”, had earlier stepped down from EIH Associated Hotels, the associate company of the group flagship, EIH.
In addition to providing leadership for the management of luxury hotels in several countries, Oberoi—who is seen as a hospitality sector veteran—has been instrumental in pioneering the development of Oberoi Hotels and Resorts. He is credited with placing Oberoi Hotels & Resorts on the international luxury travellers’ map with the opening of several iconic luxury hotels in India and overseas, the company said in statement. He was awarded the Padma Vibhushan in 2008. Arjun Singh Oberoi has worked closely with PRS Oberoi on planning and development of a number of Oberoi and Trident Hotels. He has been an Executive Director of the company for over two decades and has over 30 years of experience in the hotel industry.
For the quarter ending March 31 2022, EIH Ltd narrowed down standalone losses to ₹7.30 crore, as against the ₹68.12 crore in the year-ago-period. Income during the quarter under review rose by nealry 41 per cent to Rs 279 crore, as against the ₹198 crore in Q4FY21. For FY22, the company’s consolidated income was at ₹1044 crore and a loss of ₹84 core.