Latest news with #WaiWai
Forbes
05-05-2025
- Business
- Forbes
Nepalese Billionaire Rebrands Philippine Resort Into A Marriott Property Amid Tourism Boom
CG Hospitality—controlled by Nepalese billionaire Binod Chaudhary—signed an agreement with Marriott International to convert its Philippine wellness center, dubbed The Farm at San Benito, into an Autograph Collection resort. The property in Batangas province, south of Manila, will be the first Autograph Collection resort to be managed by Marriott in the Philippines. It will open at the end of the third quarter, the companies said in a joint statement, without disclosing the value of the deal. 'With wellness emerging as a key driver of travel decisions, this is a timely and strategic entry for us,' said Rajeev Menon, president for Asia Pacific excluding China at Marriott International. 'The Philippines, with its rich natural beauty and growing reputation as a rejuvenating destination, offers the ideal setting for the Autograph Collection.' The Farm at San Benito's rebranding into Marriott's Autograph Collection comes nine months after Chaudhary forged an agreement with Philippine billionaire Andrew Tan's real estate developer Megaworld Corp. to jointly build a $208 million township beside the existing wellness resort, betting on a tourism boom. Megaworld and CG Hospitality will build a low-density wellness community that will have residential condominiums, hotels, shops, along with sports and leisure amenities across 25 hectares of lush greenery in Lipa City, 85 kilometers south of Manila and 90 minutes drive from the capital. San Benito Private Estate, as the project is called, will have access to the Farm at San Benito. Once converted into an Autograph Collection resort, the Farm at San Benito, which spans 52 hectares, will have 70 keys and feature one-bedroom villas and exclusive two- and four-bedroom private pool villas, the companies said. The strategic partnership with Marriott will set a new benchmark for wellness hospitality in the region, CG Corp Global Chairman Chaudhary said. The rebranded resort will feature five restaurants, a swimming pool with a bar, a fully equipped fitness centre, a tranquil spa, and a medical wellness centre, the companies said. The resort will also cater to business and social gatherings with a planned 321 square meter of flexible meeting and event space. Chaudhary's CG Hospitality owns a portfolio of more than 190 properties with over 12,000 rooms in 12 countries. He also holds stakes in Nepal-based privately owned Nabil Bank and CG Foods, maker of Wai Wai instant noodles. With a net worth of $2.0 billion, Chaudhary is Nepal's sole billionaire.
Time of India
01-05-2025
- Business
- Time of India
Wai Wai noodles maker CG Foods appoints Varun Chaudhary as Global CEO, eyes Rs 1,200 crore revenue in FY26
New Delhi: CG Foods , the maker of Wai Wai noodles and a part of CG Corp Global , on Thursday, said it has appointed Varun Chaudhary as its Global CEO. Chaudhary, who is also managing director of CG Corp Global, will drive the company's transition into a multi-category food business with a revenue target of Rs 1,200 crore by FY26. The company has closed the fiscal year 2024-25 with a similar topline of Rs 800 crore as in FY24, up from Rs 500 crore in FY23, it shared with ETRetail. CG Foods is expanding beyond its flagship Wai Wai brand into categories such as snacks, sauces, pastas, and seasonings to drive growth and diversification. 'Our goal is to transition from a single-product identity to a diversified food company that innovates continuously, adapts locally, and scales globally. At present, CG Foods offers 200–250 SKUs, but we want to go bigger. To achieve this vision, we will launch new products continuously while innovating CG's existing portfolio and exploring tie-ups with retail partners,' said Chaudhary. The company plans to boost its presence across e-commerce, quick commerce, modern trade and strategic retail alliances, aiming for 3-4x growth in these channels. Exporting to over 30 countries, CG Foods currently operates 13 manufacturing units across seven locations in India with a monthly production capacity of up to 100 crore units. Presently, East and Northeast India contribute 50-60 per cent to its overall revenue. Further, Chaudhary shared that his immediate focus includes HR restructuring, operational efficiency, and strategic acquisitions, with potential expansion into Eastern Europe.
