Latest news with #TajHotels
Time of India
19-05-2025
- Business
- Time of India
Mohini Mohan Dutta consents to Ratan Tata's will that left him assets worth Rs 588 crore
Mohini Mohan Dutta , a former director at the Taj Hotels group and a close associate of Ratan Tata, has agreed to the conditions outlined in the late industrialist's will, which allocates him one-third of Tata's residual estate, estimated to be worth approximately Rs 588 crore, The Times of India reported on May 19. With Dutta's agreement in place, the executors of the will can now proceed more swiftly in securing a probate from the Bombay High Court. At 77, Dutta was the only individual among nearly two dozen beneficiaries of Tata's Rs 3,900-crore estate to raise concerns about the worth of his bequest, ToI's report (by Reeba Zachariah) said. The rest of the residual estate—excluding real estate and shareholdings—will be equally divided between Tata's two half-sisters, Shireen Jejeebhoy, aged 72, and Deanna Jejeebhoy, aged 70, who also serve as executors of the will. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This may be of interest to you! Undo Although Dutta initially expressed reservations regarding the distribution, he was unable to legally contest the will due to a 'no-contest' clause, ToI's report added. This clause ensures that any heir disputing the will forfeits their entitlement. The executors submitted a request to the High Court for probate on March 27. The court has since instructed them to publish a public notice and solicit objections from any heirs who have not given their consent. In addition, an originating summons was lodged on April 9 to advance the proceedings (see graphic). Live Events Among the recipients named in the will, Dutta is the only individual outside the Tata lineage to be awarded a share of such magnitude. He sought to view some valuable items bequeathed to him, including a Ganesh idol, but was not permitted access to Tata's Halekai property in Colaba, a source reported. These assets remain under the control of the estate's executors, the source added. Once the High Court grants probate, Dutta will not be subject to any estate duty, as inheritance from a will is not taxable under Indian law. Dutta shared a bond with Tata that spanned more than sixty years. Their initial encounter occurred at the Dealers Hostel in Jamshedpur when Dutta was 13 and Tata was 25, as recalled by Dutta. He later moved to Mumbai and took up residence at Tata's Bakhtawar home in Colaba. Dutta has publicly credited Tata for shaping his personal and professional life. He began his professional journey at the travel desk of the Taj group. In 1986, with financial support from Tata Industries, he launched Stallion Travel Services. According to its memorandum of association reviewed by TOI, Dutta's official residence at that time was recorded as Bakhtawar. Tata Group companies were subsequently directed to utilise Stallion's services for their travel needs. In 2006, Stallion was integrated into a Taj Hotels subsidiary, leading to Dutta's appointment as director of the resulting firm, Inditravel. He ranked among the highest-paid executives at Taj during his tenure. The travel services division was later transferred to Tata Capital in 2015, which eventually sold it to Thomas Cook India in 2017. Dutta continued to hold a board seat until 2019, when the business was consolidated under Thomas Cook.
Tourism Breaking News
16-05-2025
- Business
- Tourism Breaking News
Taj Hotels and Resorts to open two properties in Saudi Arabia
Post Views: 95 In an exclusive interview with TravelTV Middle East, Saurabh Tiwari – Area Director Middle East & CIS, Taj Hotels part of IHCL shared that there are two hotels in the pipeline for the Kingdom of Saudi Arabia. One will be in the cultural capital of Diriyah Gate in Riyadh with 200 rooms whilst the other will be in Mecca with an inventory of 350 rooms. ' Saudi Arabia is growing at a phenomenal pace—it's already among the world's top 20 economies and is well on its way to breaking into the top 10. With numerous giga projects underway and nearly a trillion-dollar economy, the momentum is unstoppable. The opportunities here are vast; it's not just one runway, but six major runways of growth and potential. The future truly looks bright. As for Taj Hotels, we currently operate three exceptional properties in Dubai. Now that we're well-established there and our growth in India has been remarkable, we've turned our attention to Saudi Arabia. We've already signed two hotels—one in the holy city of Mecca and another in Riyadh. We're actively engaging with promising partners and like-minded investors who recognize the strength of our brand. And it's not just about Taj—it's also about the power of Brand India. There's a strong Indian diaspora here in Riyadh, over 1.7 million people, not to mention the countless pilgrims from the subcontinent who visit Saudi Arabia. They know our brand, they trust it, and they connect with it. We're confident that Taj will thrive in Saudi Arabia, and we're incredibly excited about what's ahead.'
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Business Standard
11-05-2025
- Business
- Business Standard
Tourism, aviation, hospitality to rally after Pahalgam attack: Taj CEO
The tourism, hospitality and aviation industries will work together to face the challenges following the Pahalgam attack and the consequent military situation, said Puneet Chhatwal, MD and CEO of Indian Hotels Company Limited, on Sunday. Chhatwal, whose company operates the Taj Hotels brand, was speaking to reporters on the sidelines of the convocation function at the Indian Institute of Management (IIM), Nagpur. When asked about how the hospitality industry plans to tackle the challenges after the Pahalgam terror attack and the resulting military confict between India and Pakistan, Chhatwal said it is the role of management to navigate through crises, and that every crisis presents an opportunity. That does not mean we should have only crises. Once everything settles down... how we, as a sectortourism, hospitality, and aviationrally together to bring business back to Kashmir, that's the key," he said. Chhatwal also shared his company's plan to start Taj properties in Frankfurt, Bahrain, Mecca, Riyadh, and Bhutan. He also said that two Taj hotels will be established in Nagpur, along with a resort at the renowned Tadoba Andhari Tiger Reserve in Chandrapur district.
Mint
05-05-2025
- Business
- Mint
Indian Hotels plans ₹1,200 crore investment for FY26, eyes sustained growth
Indian Hotels Co . Ltd (IHCL) has outlined plans to invest over ₹ 1,200 crore in FY26, focusing on asset management, upgrades, and new projects, particularly enhancing its Taj Hotels brand, the company said in a filing to the BSE on Monday. In FY25, the company said it spent ₹ 1,000 crore. The company expects growth, driven by strong domestic and international demand, the recovery of foreign tourist arrivals, and momentum in the leisure, social, and meetings and incentives segments, too. It also anticipates growth in both same-store performance and new business initiatives, with 30 new hotels set to open in the year, it added. For FY25, it posted a 53% jump in net profit, which reached ₹ 2,038 crore, up from ₹ 1,330.2 crore in the previous year. Revenue from operations rose by 23.1%, reaching ₹ 8,334.5 crore compared to ₹ 6,768.7 crore in FY24. The company's consolidated financial results included data from 24 subsidiaries, including international properties, which reported total assets of ₹ 2,854.4 crore, revenue of ₹ 385.8 crore, net profit of ₹ 34.42 crore, and cash outflows of ₹ 163.31 crore for FY25. Its air and catering arm, TajSATS, now a wholly-owned subsidiary, contributed ₹ 716.4 crore in revenue during the year, accounting for roughly 10% of the company's total revenue. Exceptional items for FY25 included a loss of ₹ 12.87 crore for the quarter and ₹ 16.24 crore for the full year due to impairment of investments in a loss-making subsidiary. The previous year saw a gain of ₹ 10.84 crore from reversing a loss on an investment in a joint venture, though it did not state which joint venture this was. The company signed 74 hotels and opened 26 properties, with over 95% of the signings following an asset-light model, and focused on managing or franchising properties instead of owning them. In the year gone by, its domestic hotels, on a "same-store" basis, reported a 12% growth in consolidated RevPAR (revenue per available room). This is a key metric used by hoteliers to measure the revenue generated per room throughout the year. "Same-store" refers to hotels that have been in operation for at least a year, allowing performance comparison without factoring in new openings or closures. Also Read: Fourteen and fearless, Vaibhav Suryavanshi's record-breaking ton sends marketing world into overdrive RevPAR increased 7% in its international hotel portfolio. Additionally, its management fee income grew by 20% to ₹ 562 crore, driven by new businesses. Last week, Mint reported that India is poised for a hotel boom, driven by the entry of major players like the Adani group into the hospitality sector and increased investments from established companies, spurred by rising prosperity and growing demand for travel. According to HVS Anarock's "India Hospitality Industry Overview 2024" report, 2025 is expected to be a strong year, with public listings, room rates surpassing ₹ 10,000, and deal activity reaching ₹ 4,200 crore. The sector's occupancy rates are expected to rise to 70% by 2026, up from 63-65% last year, while average room rates could increase by nearly a third from ₹ 7,800-8,000 per night. Currently, India boasts around 200,000 branded hotel rooms.
Time of India
22-04-2025
- Politics
- Time of India
FULL I Big Update On Trump Tariffs; '18 Proposals On Paper. Terms With India...' I Karoline Leavitt
Vance Visits India: US VP and Family Gets Vibrant Welcome in Jaipur, Receives 'Elephant Salute' US Vice President JD Vance visited Jaipur today (April 22) with his family. He was received in traditional Rajasthani style at the Amber Fort. Folk dance and decorated elephants welcomed the US Vice President, his wife and US' Second Lady Usha Vance along with their children. Vance will be hosted by the Rambagh Palace, the former residence of the Maharaja of Jaipur. Built in 1835, the palace is now operated by Taj Hotels. It also once served as a royal guesthouse and hunting lodge. Vance is currently on a four-day visit to India which started on April 21 with his meeting with PM Narendra Modi.#TOIBharat #JDVance #USVeep #UshaVance #VanceIndiaVisit #VanceVisitsIndia #Jaipur #AmerFort #AmberFort #RambaghPalace #Rajasthan 584 views | 13 hours ago
