Tata Group's hotel arm, Indian Hotels CompanyBSE -0.26 % (IHCL), has sought the Reserve Bank of India's approval to hive off its international operations into a new company, persons with direct knowledge of the matter said.
IHCL plans to bring all its overseas hotel assets under this step-down holding company, and subsequently raise money by selling up to a 49% stake to foreign investors, the sources, who asked not to be named, said.
IHCL, the largest Indian hotel company, operates over 100 hotels under brands such as Taj and Vivanta across the world.
Showing posts with label Co- IHC. Show all posts
Showing posts with label Co- IHC. Show all posts
NEWS | Tata Group's Indian Hotels Company seeks RBI nod to hive off international operations
Tata Group's hotel arm, Indian Hotels CompanyBSE -0.26 % (IHCL), has sought the Reserve Bank of India's approval to hive off its international operations into a new company, persons with direct knowledge of the matter said.
IHCL plans to bring all its overseas hotel assets under this step-down holding company, and subsequently raise money by selling up to a 49% stake to foreign investors, the sources, who asked not to be named, said.
IHCL, the largest Indian hotel company, operates over 100 hotels under brands such as Taj and Vivanta across the world.NEWS | IHCL owned Oriental Hotels exits Roots Corporation Ltd
A subsidiary of Indian Hotels Company Ltd. (IHCL), Oriental Hotels Ltd (OHL) has exited its investments in Roots Corporation Ltd (RCL), which owns and manages budget hotels under the Ginger brand.
The Compulsorily Convertible Preference Shares (CCPS) held by OHL were acquired by Singapore-based Omega TC Holdings Pvt Ltd.
Anil P Goel, executive director - finance, IHCL, said the CCPS buyout has been converted and the entire deal is over.
NEWS | IHCL plans to launch a brand between Gateway & Ginger
The Indian Hotels Company Ltd, owned Taj Group, plans to announce a new brand of hotels between its Gateway and Ginger category. The name of the brand is still undisclosed.
With room rates upto Rs 2,500, Ginger Hotels falls in the budget category.
NEWS | IHCL launches two-year free hospitality training programme for underprivileged students
Indian Hotels Company Ltd (IHCL) has launched a two-year hospitality training programme, free of cost, for underpriviledged youth from families below the poverty line. To start with, 41 candidates who passed 10th standard have been selected for the first batch of the training programme at the Skill Certification Centre, inaugurated by A P Anil Kumar,
NEWS | IHCL seeks extension of agreement of Taj Mansingh property
The Indian Hotels Company Limited (IHCL) has sought an extension of the Collaboration Agreement and License Deed for its property – the Taj Mansingh Hotel, New Delhi. The agreement and the deed, currently on a one-year extension, will end in October this year. A Taj spokesperson said, “IHCL has enjoyed a very cordial and mutually beneficial business association with New Delhi Municipal Council (NDMC) over the past three decades.
NEWS | IHCL to train underprivileged students in hospitality
Indian Hotels Company Ltd (IHCL) has launched a two-year hospitality trade programme, free of cost, for youth from families below poverty line. To start with, 41 candidates who passed 10th standard have been selected for the first batch of the training at the Skill Certification Centre, inaugurated by A P Anil Kumar, Tourism and Cultural Affairs Minister, Government of Kerala. They would be imparted on-job training in food and beverages production and services including house keeping.
NEWS | IHCL to set up hotel in China next year
Indian Hotels Company Ltd (IHCL) plans to set up its first luxury hotel in China next year. The company will be the first Indian hotel major to set foot in China, according to Raymond Bickson, Managing Director, IHCL while outlining the hotel chain's expansion plans in the country and overseas.
According to a report in The Hindu Business Line, IHCL plans to add a total of 13 hotels and 1,840 rooms in 2011-12. Bickson said that it also expects to add 19 hotels and 2,591 rooms in the next two years. Giving specifics on overseas expansion, Bickson said that the company plans to set up a 160-room Taj Palace hotel in Marrakech, Morocco by February 2012.
The company is also looking at other emerging economies to expand its presence. Singapore, Vietnam and Tokyo are still untapped regions for the company, according to Bickson. "Although IHCL has experienced some stress in the US, it hopes to turn around the operations in the next 14-15 months, he added.
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NEWS| IHC acquires Pizza Hut franchise in central India
India Hospitality Corp, which has made significant investments in hospitality and air catering businesses in India, has acquired the franchise for Pizza Hut brand for central India from its current owner for an undisclosed amount.
The transaction, which is yet to get approval from Pizza Hut's parent company Yum Brands, could translate into a significant slice of business for IHC, since central India is under serviced and the existing franchisee (Entertainment World Developers or EWDPL) managed to open only an outlet each in Bhopal and Indore till now.
In contrast, the franchisee for Pizza Hut in north and east India -- Ravi Jaipuria -- has already managed to open close to 60 outlets and is expanding further.
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The transaction, which is yet to get approval from Pizza Hut's parent company Yum Brands, could translate into a significant slice of business for IHC, since central India is under serviced and the existing franchisee (Entertainment World Developers or EWDPL) managed to open only an outlet each in Bhopal and Indore till now.
In contrast, the franchisee for Pizza Hut in north and east India -- Ravi Jaipuria -- has already managed to open close to 60 outlets and is expanding further.
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NEWS| IHC to raise Rs 1,000 cr for expansion
London-listed hospitality and leisure company India Hospitality Corporation (IHC) will set up a new hotel in Bangalore next year, and is close to raising funds worth Rs 1,000 crore for expansion of its hotel business.
"In the next 12-18 months, we will be focusing on expanding our hotel business in tier II cities. We will be opening a new hotel in Bangalore by July 2010," IHC Managing Director Ravi Deol said.
The company is also readying a Rs 1,000-crore property fund for expanding its hotel business in the country. The firm has already invested Rs 200 crore in the hotel business through its wholly-owned subsidiary Gordon House Estates.
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"In the next 12-18 months, we will be focusing on expanding our hotel business in tier II cities. We will be opening a new hotel in Bangalore by July 2010," IHC Managing Director Ravi Deol said.
The company is also readying a Rs 1,000-crore property fund for expanding its hotel business in the country. The firm has already invested Rs 200 crore in the hotel business through its wholly-owned subsidiary Gordon House Estates.
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NEWS| India Hospitality Corporation reports preliminary 1Q09 results
Fiscal first quarter 2009 highlights
-- Total revenue increased 52% year-over-year to $10.5 million.
-- EBITDA increased 46% year-over-year to $1.9 million.
-- IHC's Board appointed Ravi Deol as Chairman and Chief Executive Officer of Mars Restaurants
Fiscal First Quarter 2009 Preliminary Results
For the fiscal quarter ended June 30, 2008, India Hospitality reported unaudited revenue of $10.5 million -- a 52% increase from the prior-year period. Top line growth was boosted by an approximate 65% increase in revenue from IHC's SkyGourmet division to $8.7 million, aided by increased demand for meals, as well as the opening of a new kitchen during calendar 2008 and a significant increase in capacity at the company's Delhi Air Catering Unit at the end of the prior fiscal year. Total meals served for the fiscal first quarter 2009 increased 57%.
Revenue at Mars Restaurants increased to $2.7 million, an 11% improvement over the prior-year period. The results at Mars were driven by a 17% increase in average room revenue (ARR) at the Gordon House Hotels and restaurant same-store sales increases of 7%. No new outlets were opened or closed during the quarter.
Total combined adjusted EBITDA for India Hospitality for fiscal first quarter 2009 was $1.9 million compared to $1.3 million in the prior-year period, a 46% increase. Margins expanded at both Mars Restaurants and SkyGourmet; however, consolidated margins decreased as a result of IHC parent company operating costs which began to be accounted for in July 2007 and were thus not a factor in prior-year results.
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-- Total revenue increased 52% year-over-year to $10.5 million.
-- EBITDA increased 46% year-over-year to $1.9 million.
-- IHC's Board appointed Ravi Deol as Chairman and Chief Executive Officer of Mars Restaurants
Fiscal First Quarter 2009 Preliminary Results
For the fiscal quarter ended June 30, 2008, India Hospitality reported unaudited revenue of $10.5 million -- a 52% increase from the prior-year period. Top line growth was boosted by an approximate 65% increase in revenue from IHC's SkyGourmet division to $8.7 million, aided by increased demand for meals, as well as the opening of a new kitchen during calendar 2008 and a significant increase in capacity at the company's Delhi Air Catering Unit at the end of the prior fiscal year. Total meals served for the fiscal first quarter 2009 increased 57%.
Revenue at Mars Restaurants increased to $2.7 million, an 11% improvement over the prior-year period. The results at Mars were driven by a 17% increase in average room revenue (ARR) at the Gordon House Hotels and restaurant same-store sales increases of 7%. No new outlets were opened or closed during the quarter.
Total combined adjusted EBITDA for India Hospitality for fiscal first quarter 2009 was $1.9 million compared to $1.3 million in the prior-year period, a 46% increase. Margins expanded at both Mars Restaurants and SkyGourmet; however, consolidated margins decreased as a result of IHC parent company operating costs which began to be accounted for in July 2007 and were thus not a factor in prior-year results.
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