IHCL, Ambuja Neotia Group ink pact for 15 new hotels, focus on east, northeast region
Indian Hotels Company
(
IHCL
) and
Ambuja Neotia Group
on Monday announced an agreement for 15 new hotels, mostly in the east and northeast India, with the latter to invest up to Rs 2,000 crore.
The 15 new sites identified to be developed are a combination of greenfield, brownfield and conversion projects and spread across West Bengal, Sikkim and Himachal Pradesh.
These include a
Taj resort
in Sunderban, Darjeeling, Shimla and Rabong, SeleQtions hotels in Kolkata and Siliguri and a Tree of Life in Lataguri. A few select projects will also include Taj-branded villas in Darjeeling, Sikkim, Lataguri and Raichak.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
No annual fees for life
UnionBank Credit Card
Apply Now
Undo
"Under this capital light arrangement, the total number of hotels (through the partnership with the Ambuja Neotia Group) will go from 28 to 43. What we estimate is 1,000-plus rooms will be added (by the new hotels) to an existing 1,500 rooms," IHCL Managing Director and CEO Puneet Chhatwal told PTI.
IHCL has been a pioneer in building destinations like Rajasthan, Kerala, Goa and Andaman and Lakshadweep Islands, and it will now extend it to unlocking the tourism potential of the east and northeast with this agreement, he added.
Live Events
"It is also in line with India's ambition of developing the northeast," Chhatwal noted.
With the expansion of the existing partnership, Chhatwal said Ambuja Neotia Group will become IHCL's "largest partners in all references -- rooms, hotels, revenue for us on that capital light arrangement".
Ambuja Neotia Group is known for their luxury hospitality developments, showcasing the spirit of this region, he added.
When asked about the investments, Ambuja Neotia Group Chairman Harshavardhan Neotia said, "I would think the investment would be in the region of around Rs 1,500 crore to Rs 2,000 crore".
On the timeline for the new hotels to come up, Neotia said, "Realistically speaking, between five to six years is what we are hoping that most of this will get realised, unless something gets stuck because of some regulatory reasons".
He further said, "All the lands on which we have signed properties are with us. Many of them are in various stages of regulatory approval. In a few cases, we are yet to start that process".
Chhatwal said, "At least half of them would be less than five years".
Neotia said the announcement follows closely on the heels of IHCL's strategic partnership with the Ambuja Neotia Group for Tree of Life, reflective of the strength and success of their ongoing collaboration.
He further said, "Northeast, the unexplored region of India, has tremendous potential for bespoke luxury travel. The addition of premium room inventory this fiscal to Taj Chia Kutir in Kurseong as well as the upcoming Taj-branded luxury villas in Darjeeling, Lataguri and Gangtok reflects the growing demand from the segment".
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
28 minutes ago
- Business Standard
Tata Sons-backed Tata Capital files updated draft papers with Sebi for IPO
Tata Capital, the non-banking finance company (NBFC) of the Tata Group, on Monday filed an updated draft red herring prospectus (DRHP) with the markets regulator, Securities and Exchange Board of India (Sebi), for its mandatory listing on the bourses by September 2025. The company has already received the market regulator's approval for its IPO. According to the draft papers, the initial public offering (IPO) will consist of a total of 475.82 million shares, including a fresh issue of 210 million shares and an offer for sale (OFS) of 265.82 million shares. Tata Sons, which owns 88.6% of Tata Capital, will offload 230 million shares in the OFS, and the International Finance Corporation (IFC) will offload 35.82 million shares. IFC holds a 1.8% stake in the NBFC. Tata Capital initially filed confidential IPO papers in April and received approval from India's market regulator last month to proceed. As part of the process, companies are required to submit an updated draft red herring prospectus and allow time for public feedback before filing the final version. Tata Capital has been mandated by the Reserve Bank of India (RBI) to list on the bourses by September 2025, as it is classified as an upper-layer NBFC. The Tata Sons-backed NBFC firm earned a net profit of Rs 3,664.66 crore in FY25, compared to a net profit of Rs 3,150.21 crore in FY24 and Rs 3,029.2 crore in FY23. The company's revenue from core operations stood at Rs 28,312.74 crore in FY25, while its net worth stands at Rs 32,587.82 crore as of March 31, 2025. Kotak Mahindra Capital, Axis Capital, BNP Paribas, Citigroup Global Markets India, HDFC Bank, HSBC Securities and Capital Markets (India), ICICI Securities, IIFL Capital, JP Morgan, and SBI Capital Markets are the book-running lead managers of the issue.
Deccan Herald
28 minutes ago
- Deccan Herald
Despite HC order, Karnataka transport staff call bus strike from August 5
Bengaluru: Despite an interim order by Karnataka High Court, transport corporation employees across the state have decided to go on a strike from 6 am on Tuesday (August 5), likely disrupting bus services across the state. The Joint Action Committee of the Trade Unions of Karnataka State Road Transport Corporation pressed on with the strike after its marathon meeting with Chief Minister Siddaramaiah failed to resolve two contentious issues -- payment of 38 months' arrears amounting to Rs 1,785 crore and a 25 per cent pay hike from January 1, 2024. .We are prepared for protests on August 5: Karnataka HM G offered Rs 718 crore as arrears for 14 months (from January 1, 2022, to February 28, 2023), citing a July 2022 report by retired IAS officer M R Sreenivasa Murthy. KSRTC Managing Director Akram Pasha maintained that employees cannot go on the strike on Tuesday in view of the court order. As a plan B, the RTCs have roped in private players to operate bus services "anywhere they want" after the Transport Department issued an order under Section 66(1) of the Motor Vehicles Act, 1988. Private buses can charge fares along the lines of KSRTC and BMTC, he said. The Federation of Karnataka State Private Transport Associations has agreed to operate 4,000 buses, according to its president S Nataraj Sharma. The four RTCs are also roping in school and industrial buses. Pasha said RTC buses would also operate, with the strike having "only a 10-20 per cent impact". "We've also invoked the Essential Services Maintenance Act (ESMA). Employees cannot go on strike and we've cancelled their leave. Violations will result in disciplinary action," he told DH. The KSRTC and the BMTC urged employees to honour the court order and refrain from participating in the strike. Vijaya Bhaskar D A, general secretary of the KSRTC Staff And Workers' Federation acknowledged receiving the court order but said a decision on deferring the strike must be taken collectively by all six unions that are part of the joint action committee. "We received the court order late and could not decide. The strike is very much on,' he told DH. At the meeting, the CM called the demand for 38 months' arrears "unreasonable", noting that the government had implemented the 15 per cent pay hike only from March 1, 2023, based on the Sreenivasa Murthy report. .Karnataka Health Minister asks people not to be 'fooled' by attractive, colourful dishes."When we came to power (in 2023), the four RTCs had combined liabilities of Rs 4,000 crore. None of them is profitable. The government will not be unfair," he noted. He promised to discuss the pay hike after the legislative session and urged the unions to withdraw the strike. However, the committee representatives rejected the offer. Committee convenor H V Anantha Subbarao slammed the government, saying it cannot go back on arrears payments. He added that the 25 per cent hike would remain in effect until 2027. He said employees were "not afraid" of ESMA and were ready to go to jail. Bhaskar criticised the CM for asking them to withdraw the strike and come to a dialogue. "Talks can continue during the strike, too," he remarked. Pasha said the Sreenivasa Murthy report recommended against paying arrears for 24 months (2020 and 2021) due to Covid-19. He called the 25 per cent hike demand "too high". "The last raise was 15 per cent, which is above average. If the same is given, it will result in a financial burden of over Rs 1,700 crore. The four RTCs already have Rs 4,000 crore in liabilities towards PF payments, diesel expenditure, etc," he said.
Economic Times
28 minutes ago
- Economic Times
Knowledge Realty Trust REIT raises Rs 2,820 crore from anchor and institutional investors
Knowledge Realty Trust REIT's IPO will open on August 5, 2025. The company has already secured Rs 1,620 crore from anchor investors. A strategic allocation of Rs 1,200 crore is also completed. LIC and Tata Group are among the key participants. The IPO includes a fresh issuance of units. Proceeds will be used for debt repayment and corporate purposes. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Knowledge Realty Trust REIT has raised Rs 1,620 crore from anchor investors and a strategic allocation of Rs 1,200 crore ahead of its initial public offering, which opens for public subscription on Tuesday, August 5, of the institutions that participated in the anchor round include LIC , Tata AIG, Nippon MF, Axis MF, Tata MF, FT MF, Amundi, Wells Capital, PIMCO, SBI Pension, Jhunjhunwala Trust, and 360 One, among that participated in the strategic allocation include LIC, SBI Life, UTI MF, HDFC Life, Kotak Life, and 360 One, among others, the exchange filing mentioned by the company.'This is the first-time participation from LIC in any REIT IPO. There has also been broad participation from the Tata Group, including its mutual fund, insurance, and AIF arms,' it to this, the company had raised a pre-IPO round of Rs 1,400 crore. With this, 70% of the IPO, or Rs 4,220 crore, is already the balance public offering of Rs 1,980 crore (institutional component of Rs 1,080 crore and retail and HNI component of Rs 900 crore), the bid/issue opens Tuesday, August 5, 2025, and closes Thursday, August 7, minimum bid size is Rs 15,000, which is also the minimum investment amount. The price band for the offer has been determined at Rs 95–100 per equity share.'Strong investor demand is reflected in the widest book, with allocation to more than 50 investors. About 45% of the allocation has been made to insurance and pension funds, which are long-term holders,' the filing upcoming REIT also witnessed interest from HNIs in the pre-IPO round of Rs 1,400 crore, including R K Damani, Karan Bhagat Trust, and 360 One Office, among proceeds from the issue, to the extent of Rs 4,640 crore, are proposed to be used for partial or full repayment or prepayment of certain financial indebtedness of the Asset SPVs and the Investment Entities, and the rest for general corporate sponsors to the issue are Sattva Developers Private Limited and BREP Asia SG L&T Holding (NQ) Pte. Ltd. Axis Trustee Services Limited is the trustee, and Knowledge Realty Office Management Services Private Limited (formerly known as Trinity Office Management Services Private Limited) is the manager to the IPO comprises a fresh issuance of units worth up to Rs 4,800 crore by the Knowledge Realty Trust. This Issue is being made through the Book Building Process and in compliance with the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 ('REIT Regulations') and the REIT Master Circular dated July 11, 2025, wherein not more than 75% of the Issue (excluding the Strategic Investor portion) shall be available for allocation on a proportionate basis to Institutional Investors and not less than 25% of the Issue (excluding the Strategic Investor portion) shall be available for allocation to Non-Institutional Investors, in accordance with the REIT Regulations.
