IHCL's Ginger brand is leading the mid scale opportunity in India: MD and CEO Puneet Chhatwal
Puneet Chhatwal
said on Monday.
Tata Group-backed
Indian Hotels Company Ltd
(IHCL) has agreed to buy around 51% stake each in
ANK Hotels
Pvt Ltd and
Pride Hospitality
Pvt Ltd for a combined Rs 204 crore, giving fresh impetus to its network expansion drive in the domestic market. Most of these properties will be rebranded as Ginger hotels, which will expand the chain's Ginger brand to a 250-hotel portfolio, Puneet Chhatwal, MD and CEO at IHCL told ET on Monday.
Finance
Value and Valuation Masterclass - Batch 4
By CA Himanshu Jain
View Program
Artificial Intelligence
AI For Business Professionals Batch 2
By Ansh Mehra
View Program
Finance
Value and Valuation Masterclass - Batch 3
By CA Himanshu Jain
View Program
Artificial Intelligence
AI For Business Professionals
By Vaibhav Sisinity
View Program
Finance
Value and Valuation Masterclass - Batch 2
By CA Himanshu Jain
View Program
Finance
Value and Valuation Masterclass Batch-1
By CA Himanshu Jain
View Program
ANK Hotels Pvt Ltd and Pride Hospitality Pvt Ltd have a portfolio of 135 hotels in the midscale segment spread across 110 locations and are presently operated under The Clarks Hotels & Resorts brands.
Over the next few months, they will be integrated operationally and migrated to IHCL's 'brandscape' predominantly under the Ginger brand among others. IHCL said these hotels are a on a capital light arrangement of management contracts and select operating leases.
'Before today, I would not have dared to put this figure of 1000 hotels. Today, we can. I personally feel that in the foreseeable future, just like we have gone from 40 Ginger hotels in 2015 to what would be 250 now, we can also go to 1000 over the long term,' said Chhatwal at a press briefing on Tuesday.
'It would be nothing different than what has happened several times globally. Many brands of this category in markets such as France, the UK, and Germany have experienced exponential growth. The potential for growth is nothing less than exponential,' he added.
He said while Taj will always be the crown jewel of the
Tata Group
and the country, the chain is now coming up with 'iconic' assets in the mid-scale range under the Ginger brand at major airport locations.
'We took a very conscious decision to build big box Ginger properties. So, the first one was on our own land at Mumbai airport. That has 371 rooms, and is expected to do an occupancy of 88-90% this year at an average rate of Rs 6500,' said Chhatwal.
'We are doing more properties like these. Next year, we will open one at the Bengaluru airport. We have one under construction at the MOPA airport in Goa, and very recently, we have concluded a deal for a Ginger hotel at the Kolkata airport which should open in the next 12-14 months. The margins of these reimagined Ginger hotels is around 50% plus. The Sweet spot is 55%,' he added.
The deal with ANK Hotels and Pride Hospitality takes IHCL's portfolio to over 550hotels, and 55,000 rooms. IHCL has also signed a marketing and distribution agreement with
Brij Hospitality
, which has a portfolio of 19 hotels under the Brij brand, primarily across India.
The chain said the key managerial personnel of ANK, Pride and Brij Hospitality will continue to oversee the running of the respective companies, thereby providing business continuity and also enabling future growth of the companies.
'Combining over 200 years of collective hospitality legacy, we come together with IHCL, part of the iconic Tata Group. Together, we are a powerhouse of energy with a shared vision for growth and transformation. This is more than a partnership — it is a union of legacies, ready to inspire the future," said Aryavir Kumar, promoter of ANK Hotels Pvt Ltd.
Anant Apurv Kumar and Udit Kumar Founders of Brij Hotels and promoters of Clarks Group of Hotels said together with IHCL, the company will carry forward the shared vision of its respective founders, Jamshed Ji Tata and Babu Brijpal Das Ji, in shaping and propelling India's tourism journey.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
24 minutes ago
- The Hindu
Chennai Corporation ropes in farm-hands for cleaning the city as workers continue protest
Chennai Corporation has roped in additional workers for launching a mass cleaning drive in Royapuram and Thiru Vi Ka Nagar zones owing to the protest by workers. Many farm hands from areas such as Vandavasi have started cleaning the streets. 'We have deployed 1000 additional workers to strengthen the mass cleaning drive. More workers will start cleaning the streets shortly,' said an official. GCC has started a mass cleaning drive in various streets where garbage has accumulated owing to the protests. Chennai Corporation officials said more workers from the city will be deployed to clean the streets. However, the protesting workers alleged that the private contractor of the GCC has roped in farm hands from areas such as Vandavasi to clean the streets as the protest is under way. 'Over 100 farm hands from Vandavasi have started visiting the city to clean the streets every day in the morning, and returning home after 2 p.m. They get Rs.700 as wages per day. They used to get Rs.250 per day in their village for agricultural labour,' said the worker. Amma Makkal Munnetra Kazhagam founder visited the workers and expressed solidarity with them. Chennai Corporation in a press release on Tuesday urged the workers to resume work, pointing to the benefits and job security under the new private company. The workers who join the company will be eligible for PF, ESI, bonus, festival advance, financial assistance for marriage and education and insurance cover. The workers will get a financial assistance of Rs. 20000 for marriage, education advance of Rs.12000 and other financial assistance. The workers are eligible for 12 days casual leave, 12 days earned leave, double wages for national holidays. The workers will get safety gear and assistance under the welfare board. GCC will ensure 100% job security and welfare for all the workers who join the private company, the release said.
Economic Times
28 minutes ago
- Economic Times
Railways' earnings showed 25.51-pc increase in 2022-23 over previous financial year: CAG
The Indian Railways earned Rs 2,39,982.56 crore from passenger and freight operations in the financial year 2022-23, reflecting a 25.51-per cent rise over the previous year, the Comptroller and Auditor General (CAG) said in its report tabled in both Houses of Parliament on Tuesday."This report provides an analytical review of the finances and accounts of the Indian Railways (IR) and is based on the audited accounts for the year ended March 2023," a press note from the CAG said. According to the report, in 2022-23, the total expenditure of the Ministry of Railways (MoR) was Rs 4,41,642.66 crore, which was 11.34 per cent more than 2021-22. The report said this total expenditure comprised Rs 2,03,983.08 crore (7.21 per cent more than the previous year) of capital expenditure and Rs 2,37,659.58 crore (15.15 per cent more than the previous year) of revenue expenditure. The ministry incurred around 72.22 per cent of the total working expenses on staff cost, pension payments and lease-hire charges on rolling stock, the press note said. Highlighting the Gross Traffic receipts (total earnings from passenger and freight services), the CAG said in 2022-23, it was Rs 2,39,982.56, reflecting a 25.51-per cent increase over the previous year (2021-22)."The increase in total receipts was mainly on account of an increase in passenger earnings, other coaching earnings and freight earnings. Transportation of coal constituted 50.42 per cent of freight earnings," the report said."There was a net surplus of Rs 2,517.38 crore in 2022-23 as compared to a net deficit of Rs 15,024.58 crore during the previous year. The Operating Ratio (OR) was 98.1 per cent in 2022-23 against 107.39 per cent in 2021-22. Indian Railways generated a net surplus during 2022-23 as compared to a net deficit in 2021-22," it CAG has observed that though there was a decrease in the loss on operation of passenger and other coaching services as compared to the previous year, the loss of Rs 5,257.07 crore in passenger operations was left uncovered during 2022-23."The profit from freight traffic was utilised to cross-subsidise the loss on operation of passenger and other coaching services," it said."Unsanctioned expenditure of Rs 6,483.71 crore, involving 1,932 cases, was incurred by MoR, which was 1.05 per cent of total expenditure during the year 2022-23," it about the financial performance of the public sector enterprises of the Indian Railways, the report said the investment of equity and loans in Railway Public Sector Enterprises as on March 2023 was Rs 5,38,869.02 crore, which comprised a paid-up capital of Rs 61,351.33 crore and long-term loans of Rs 4,77,517.69 crore."The Government of India contributed Rs 49,027.29 crore (79.91 per cent) in the paid-up share capital of Railway Public Sector Enterprises. The remaining paid-up share capital of Rs 12,324.04 crore was contributed by financial institutions (5.05 per cent), central government companies (5.03 per cent) and state government/state government companies (10.01 per cent)," the press note said."The net profit of the Railway Public Sector Enterprises had shown an increasing trend and had increased from Rs 6,146.29 crore in 2018-19 to Rs 12,056.61 crore in 2022-23," it audit found that of the total 45 Railway Public Sector Enterprises, 33 earned a profit (of Rs 12,145.97 crore) during 2022-23, which included 12 railway companies, 10 subsidiaries, five joint ventures (JVs) and six special purpose vehicles (SPVs)."Out of 33 profit-earning Railway Public Sector Enterprises, only seven Railway Public Sector Enterprises (six railway companies, one subsidiary) had declared a dividend as stipulated in DIPAM instructions of May 2016, which provided that every CPSE would pay a minimum dividend of 30 per cent of profit after tax or 5 per cent of net worth, whichever is higher," the press note CAG also reviewed budgetary and accounting controls in the accounts department of the North Western Railway, South East Central Railway and South Western Railway, and said the electrical department of construction organisation of the NWR raised a demand for Rs 5 crore for the Revised Estimates of 2022-23 against the Ratlam-Dungarpur via Banswara New Line Project frozen in September 2019 -- the demand that was cleared by the accounts department of the NWR as well as the Railway Board and funds were allotted to a frozen project."Up to March 2023, North Western Railway (NWR) and South Western Railway (SWR) incurred expenditure of Rs 3,142.49 crore against four works completed but not closed. The expenditure exceeded the revised sanctioned estimate by Rs 743.7 crore (31 per cent)," the press note said. "In NWR, the productivity tests of seven projects completed during the period 2011-12 to 2016-17, which were due between 2020-21 and 2022-23, had not been conducted as on date of audit (July 2023). Thus, the achievement against anticipated earnings/savings in working expenses when the proposals for the projects were embarked upon, could not be assessed," it added.
Time of India
28 minutes ago
- Time of India
Parliament watch: India & ASEAN progress on AITIGA review, US tariffs and more
India & ASEAN Progress on AITIGA Review India and ASEAN are "constructively engaged" on review of ASEAN-India Trade in Goods Agreement (AITIGA), signed in 2009 and so far, nine meetings of AITIGA Joint Committee meetings have been held. The 10th round is scheduled from August 10-14, 2025. Finance Value and Valuation Masterclass - Batch 4 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Finance Value and Valuation Masterclass - Batch 3 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals By Vaibhav Sisinity View Program Finance Value and Valuation Masterclass - Batch 2 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass Batch-1 By CA Himanshu Jain View Program US Tariff Impact Hinges on Competitors' Tariffs: Govt New Delhi:The impact of American tariffs on exports to US in various sectors will depend and vary based on comparative tariffs on other countries including the competitors, the government told Parliament Tuesday. 'The Department of Commerce is engaged with stakeholders to help reduce the impact through export promotion and diversification measures,' minister of state, commerce and industry ministry Jitin Prasada told Lok Sabha in a written reply. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo India-US bilateral trade agreement (BTA) negotiations were launched in March 2025 and five rounds of negotiations have been held, the last being from July 14-18, 2025 in Washington. 'India is actively engaged in the negotiations with the US and the European Union- …Government of India is involved in the discussions on the India-US BTA with the aim to expand trade and investment and deepen the India-US trade relationship to promote growth that ensures fairness, national security and job creation,' he said. Calibrated FTA Strategy Adopted to Boost Trade India has adopted a calibrated approach to negotiating FTAs to expand market access while protecting domestic interests, the government said. 'Revenue is notionally impacted for both the partner countries of the FTA with tariff reductions. This is expected to be offset in the medium to long term by increased trade volumes, investment flows, enhanced competitiveness of Indian exports, and overall economic growth,' government told Lok Sabha. The India-UAE FTA has also led to a significant growth in Foreign Direct Investment. Live Events Flag EUDR as Non-tariff Barrier at WTO: House Committee Tells Govt The government should flag the EU's anti Deforestation Regulation (EUDR) at the World Trade Organization as it is a form of non-tariff barrier and the effects of Free Trade Agreements on the spice trade need to be reviewed, a parliamentary standing committee on has recommended. It said that FTAs should be designed to protect the interests of Indian spice farmers and exporters. Mining Amendment Bill Gets LS Nod The Lok Sabha passed amendments to the Mines and Minerals (Development & Regulation) Act Tuesday. Addressing the lower house, Union Coal and Mines Minister G Kishan Reddy said mining is a key driver of the nation's progress, with critical minerals playing an essential role in renewable energy, electric mobility, and cutting-edge technologies. 'From solar panels to wind turbines, agriculture to medical equipment, electronics to electricity, cell phones to aircraft, and defence to sports, critical minerals play a significant role across every sector,' he said while adding India is engaging with Zambia and Argentina for sourcing lithium. Draft National Retail Trade Policy Aims to Boost Ease of Biz The draft National Retail Trade Policy has been prepared and focuses on preparing strategies for overall development of retail trade through targeted efforts to promote ease of doing business in retail sector through several measures to reduce compliance burden, enhance ease of access to credit and decriminalization of minor offences for all formats of retail trade. Special emphasis is placed on assessing the requirement of licenses, removal of renewal requirement, inspection reforms, facilitating public service delivery and creation of single window facilitation mechanism, Lok Sabha was informed. Export Promotion Mission at Proposal Stage, says Centre The Export Promotion Mission (EPM) which was announced in the Union Budget 2025-26, is currently at the proposal stage. The EPM proposal includes provisions for third-party evaluation to assess outcomes and inform further improvements. Monitoring and evaluation mechanisms have been built into the proposal to ensure effective execution, stakeholder responsiveness, and transparency.
