This is with reference to news article appearing in media outlets and in today's edition of Times of India with the headline \Taj may exit NYC's Pierre in $2bn deal. With respect to the above-mentioned article, we would like to clarify that The Indian Hotels Company Limited (IHCL) does not own The Pierre, New York. It has leasehold rights for the hotels and operations continue as usual. Recent media reports stating otherwise are misleading and speculative.