News From ETBureau

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• 'IHCL aiming for double-digit growth in FY25'

  IHCL reported a 29 percent year-on-year rise in net profit in the fiscal fourth quarter to INR 438 crore. Revenue in the three months ended March 31 grew 17 percent from a year earlier to ₹1,905.3 crore. IHCL had also announced that it will introduce the re-imagined Gateway, a full service hotel offering in the upscale segment, which it believes will be an 'ideal fit' to tap growth opportunities in emerging micro markets in metros and tier-II and tier-III cities.

  

• Very little left to sell in Go First with planes gone

  On Friday, the high court asked the Directorate General of Civil Aviation (DGCA) to deregister and hand over all the 54 planes to lessors. It also directed the resolution professional (RP) to provide all information regarding the airline to the lessors while restraining the airline from taking away any documents or spare parts from the planes.

  

• Government push to help ONDC get shopfront on ecommerce sites

  ONDC is also in discussions with the National Restaurants Association of India (NRAI), which represents over 500,000 restaurants, for seamless last-mile connectivity for food delivery, order tracking and discoverability, food services executives said.

  

• NCLT OKs Macrotech Developers' acquisition of Centaur Hotel owner’s V Hotels

  Lodha Group-owned Macrotech Developers is paying around INR 890 crore to acquire the hotel property in Juhu. The bankrupt hotel company had admitted liabilities of over INR 2,500 crore. Financial lenders of V Hotels had in June 2023 approved Macrotech’s resolution plan with all voting in its favour.

  

• We see ourselves opening hundreds and hundreds of hotels over time in India: Elie Maalouf, CEO, IHG Hotels & Resorts

  IHG Hotels & Resorts announces plans to double its presence in India to 100 hotels within five years. Strong signing performance in 2023 led to deals across luxury, premium, and essentials categories, with a focus on midscale and upper midscale segments. IHG targets high-growth secondary markets while expanding its diverse brand portfolio.

  

• Indians among top visitors to Moscow from non-CIS states

  Moscow sees a rise in business tourism, with 3.7 million visitors in 2023, including 60,000 Indians. A conference in Delhi aimed to strengthen ties between Indian and Moscow's MICE industries, highlighting Moscow's potential for corporate events. The event also discussed collaboration opportunities and innovative MICE venues.

  

• Visa time for Europe-bound travellers unlikely to fly soon

  The European Union announced Monday that, according to the new "cascade" regime, Indians can now be issued long-term, multi-entry Schengen visas valid for two years after having obtained and lawfully used two visas within the previous three years. The Schengen visa is an entry permit valid for 29 European countries, including France, Germany, Spain and Italy.

  

• CG Group has plans to list hotel business in next few years

  CG Group's CG Hospitality Global and The Fern brand aim for gradual public launch. Expansion strategies include EBITDA growth, strategic investor involvement, IPO launch, The Farm introduction, Taj properties, a Dubai hotel, safari lodge expansion.

  

• Hotel Leela Venture challenges ITC's shareholder oppression claims

  ITC is opposing that sale transaction claiming it was to the detriment of minority shareholders. The cigarettes-to-FMCG conglomerate owns a stake in HLV Limited.

  

• Indians are opting for more processed food and restaurant meals

  Indians are cooking less at home, opting for processed food and out-of-home consumption. The trend is expected to rise with quick commerce, food delivery apps, and changing food preferences, especially among middle-income consumers.

  

• ITC Hotels plans to add 70 properties in five years: Anil Chadha

  The divisional chief executive says ITC Hotels aims to bolster its portfolio to 200 hotels within the next five years, up from the current count of 130, by introducing properties across its brands. This expansion is geared towards seizing opportunities in both business and leisure travel sectors in India.