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Lemon Tree enters into a non-binding agreement to acquire Keys Hotels

Media reports indicate that Lemon Tree Hotels has entered into a non-binding agreement with Berggruen Hotels to acquire Keys brand of hotels in India. In a disclosure to the Bombay Stock Exchange (BSE) recently, Lemon Tree has disclosed to have signed a non-binding term sheet for 100 per cent direct and indirect acquisition of the shares of Keys Hotels. Important to note here that Keys Hotels is staring at a debt in excess of INR …