ONGC squandered its future once. Can it be different this time?
Many veterans in the Indian energy sector still swear by that relatively pleasant day of February 1974. A roar of triumph echoed across the Arabian Sea, as engineers and seismic surveyors confirmed what they long envisioned – a vast oil reserve beneath the seabed off the coast of Mumbai. This discovery, which would later be known as Mumbai High, added fuel to India's energy dreams. And at the core of all the actions was Oil and Natural Gas
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Mint
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Housefull 5 advance booking: Akshay Kumar movie eyes massive opening, nearly 70,000 tickets sold
Housefull 5 advance booking: The much-awaited comedy movie Housefull 5, starring Akshay Kumar, is all set to hit the big screen on June 6. Advance bookings for the film have now begun. According to media reports, Housefull 5 is set to be the franchise's widest release, screening in over 5,000 screens nationwide. With strong ticket sales and such a massive release, Housefull 5 is in for a clash against Kamal Haasan's Thug Life. According to industry tracker Sacnilk, Housefull 5 has so far sold 69,828 tickets for 9,625 shows in all formats across India. The film has collected a gross of ₹ 2.12 crore from ticket sales. Furthermore, considering block seats, the movie is set to have an opening with ₹ 5.67 crore gross earnings. States like Maharashtra and the Delhi NCR region top the list with maximum revenue from first-day advance booking. Gujarat follows closely on the list, followed by Rajasthan, Uttar Pradesh, and Telangana. City-wise, Delhi, Mumbai and Pune have the highest number of screenings for Housefull 5. The comedy movie is also the costliest film of the Housefull series. The film's total budget is reported to be ₹ 225 crore, without print and advertisement costs. At this budget, Housefull 5 is also the costliest Indian comedy film. Makers had previously said that Housefull 5 would be made with a budget of ₹ 350 crore. However, after some casting changes, the cost was reduced significantly. The makers had dropped a teaser on April 30, marking 15 years of the Housefull series. It featured a new story, set on a fancy cruise ship and a murder mystery. The trailer started with a voiceover by Nana Patekar explaining the plot of the film. A billionaire is marking his 100th birthday on a luxurious yacht with a star-studded party and decides to give his inheritance to his 'Jolly'. Then, confusion starts as three Jollys claim to be the real heirs of the property: Jalabuddin (Riteish Deshmukh), Jalbhushan (Abhishek Bachchan), and Julius (Akshay Kumar). Directed by Tarun Mansukhani, Housefull 5 stars Akshay Kumar, Abhishek Bachchan, Riteish Deshmukh, Jacqueline Fernandez, Sonam Bajwa, Nargis Fakhri, Sanjay Dutt, Jackie Shroff, Nana Patekar, Chitrangada Singh, Fardeen Khan, Chunky Pandey, Johnny Lever, Shreyas Talpade, Dino Morea, Ranjeet, Soundarya Sharma, Nikitin Dheer, and Akashdeep Sabir.
Time of India
41 minutes ago
- Time of India
WHSmith India sets sights on 5x expansion by 2028 with Rs 100 cr bet on travel retail boom
WHSmith India , the Indian counterpart of the British travel retail company, is eyeing a 5x growth over the next 3 years. Currently, the brand runs 40 stores in India across stations, airports, and university campuses, and is planning to take the store count to 200 by 2028, Shantanu Chakravartty, CEO and director of WHSmith India, told ETRetail. The travel retail brand, which closed the last fiscal with Rs 200 crore revenue along with 8 per cent EBITDA profitability and is aiming to grow its topline to Rs 500 crore and 12-13 per cent EBITDA profitability in the next three years. "We are quite bullish on the travel retail market as international passenger traffic is expected to grow 21 per cent year-on-year, and domestic passenger traffic is expected to grow 14 per cent year-on-year, and it has a direct impact on our business," he asserted. The brand, which is planning to invest Rs 100 crore to aid its expansion plans , will now be looking at opening stores at railway stations and highways, along with expanding its base at the airports. Currently, the brand operates in 3 main categories - food, non-food, and books. "Food contributes to 60 per cent of our revenue, and the remaining 40 per cent is equally divided between non-food and books. However, going ahead, we plan to focus on the books category a little more. There's a lot of potential to grow in this category. We are also exploring the idea of opening exclusive bookstores," he stated. Apart from this, it operates 2 other store formats - Zoodle and Memories of India, with one operating store of each at Hyderabad and Kochi airport, respectively. "Zoodle offers toys, and Memories of India offers souvenirs and gifts. We plan to open 10-12 stores of each going ahead," he said. Shantanu Chakravartty has recently been appointed as the chief executive officer and director of WHSmith India. He has been associated with the brand for the past seven years. Globally, WHSmith operates more than 1,700 stores across 30 countries.
Time of India
41 minutes ago
- Time of India
Brandy boss Tilaknagar eyes Imperial Blue in $600 million whisky chase
Tilaknagar Industries , the maker of Mansion House and Courrier Napoleon brandies , is the frontrunner in the race for the Imperial Blue whisky brand being sold by the French alcobev major Pernod Ricard , people familiar with the matter told ET. The brand has an estimated enterprise value of up to $600 million, and a deal will mean the largest M&A in India's liquor industry in more than a decade after Diageo 's buyout of United Spirits in 2013 for $1.9 billion. Inbrew Beverages , established by London-based serial entrepreneur Ravi Deol, is also in the reckoning. However, Pernod Ricard has found Tilaknagar's offer to be better, the people said, though Inbrew is not completely out of the running. As preferred party, Tilaknagar, which is India's fifth-largest alcoholic beverage firm by market cap, has been asked to submit a binding bid by June 23, the people said. Adding shine to brand, expanding portfolio Any potential deal will be financed through a combination of internal accruals, bank borrowings and private equity funding, they added. Japan's Suntory Holdings, owner of Jim Beam and Maker's Mark whiskies, initially showed interest in Imperial Blue but decided not to pursue the deal, they added. For homegrown Tilaknagar, led by Amit Dahanukar, a successful acquisition of Imperial Blue would help expand its brand as well as non-brandy portfolio. While brandy is a dominant category in Tilaknagar's portfolio, the company forayed into whisky in 2012, leveraging flagship brand Mansion House. However, more than 90% of its sales still comes from brandy. During its earnings call on May 21, chairman and managing director Dahanukar said Tilaknagar will focus on enhancing its presence within brandy and other Indian made foreign liquor (IMFL) categories through its own brands and strategic investments. Tilaknagar Industries has earlier acquired Round The Cocktails, Spaceman Spirits and Incredible Spirits. 'We regret we are unable to comment on the subject,' Dahanukar said in response to ET's query on the proposed deal. Imperial Blue ranks as the eighth bestselling whisky worldwide. In 2023, it sold 22.8 million nine-litre cases, according to Drinks International Millionaires' Club. Although these numbers are strong, sales are down from 2019, when it sold 26.3 million nine-litre cases. Imperial Blue was introduced in India by Canadian distiller Seagram in 1997. In 2001, Seagram sold its global business to Pernod Ricard and Diageo. The French company then took over the Indian business. In 2002, Pernod Ricard relaunched Imperial Blue with the advertising slogan 'men will be men.' Its success has grown year on year, making it Pernod Ricard's largest brand by volume, according to the company's website. Much of its success is credited to its memorable advertising line, which created a strong following in India. Selling Imperial Blue marks a change in focus for Pernod Ricard in the region. It aims to grow its premium brands like Glenlivet, Jameson and Chivas Regal. 'Pernod Ricard regularly reviews strategic options for its development, including its brand/business portfolio," said a company spokesperson, while declining to comment on the proposed deal. This move mirrors how UK drinks company Diageo sold 32 low-margin Indian brands, such as Haywards, Old Tavern, White Mischief, Honey Bee, Green Label and Romanov, in 2022 for ₹820 crore. The brands were bought by Deol's Inbrew. Deol is famous for starting Barista Coffee in 1999, which made him known as India's coffee man. By acquiring a stake in Imperial Blue, Inbrew aims to become one of the leading players in the industry. The company could not be reached for immediate comment. People aware of developments said Imperial Blue's valuation, among other factors, is also compared with listed drinks companies' valuations, which are 20–30 times operating profits. When estimating the value of a target asset, the discounted cash flow method is also used. This method values an investment by considering future cash flows.
