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04 Apr 2025
The Oberoi Group has secured a three-month extension to manage the Wildflower Hall hotel under a new agreement with the Himachal Pradesh government, following the expiry of its management deadline on 31st March. The two-decade-long legal dispute between East India Hotels (EIH) and the state government concluded with the Supreme Court's ruling in February 2024, directing EIH to vacate the five-star property by March 2025. To prevent revenue losses, the extension has been granted until the property is leased out. A consultant has been appointed to draft bidding documents for the leasing process.
04 Apr 2025
Italian luxury carmaker Ferrari is set to establish its first official service centre and pre-owned car showroom in South India. Through its Indian dealer, Select Cars Private Limited, Ferrari has leased a 10,000 sq. ft retail space in North Bengaluru, near Kempegowda International Airport, at a monthly rent of INR 8 lakh. The lease agreement, commencing on March 1, 2024, spans 10 years with an annual rental escalation of 4.7% and a security deposit of INR 80 lakh. The facility, split across two floors, will provide after-sales support to Ferrari owners in South India. Currently, Ferrari operates showrooms in Mumbai and Delhi, making this Bengaluru outlet a key expansion move in India.
03 Apr 2025
Park Medi World, operating under the Park Hospitals brand in North India, has submitted draft papers to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) aiming to raise INR 1,260 crore. The offering comprises a fresh issue of INR 960 crore and an offer-for-sale of INR 300 crore by promoter Ajit Gupta. Proceeds are earmarked for debt repayment (INR 410 crore), hospital development and expansion (INR 110 crore), medical equipment procurement (INR 77.2 crore), and general corporate purposes.
03 Apr 2025
Cineline India has sold its Goa property, Hyatt Centric, to Sparsh Vidhyut for INR 270 crore. This sale allows Cineline to repay INR 120 crore in debt associated with the hotel. The company plans to use the proceeds to clear its INR 108 crore debt linked to its film exhibition business and invest in expanding its operations. The sale is part of a broader strategy to monetize non-core real estate assets to strengthen its financial position and drive growth in the film industry.
02 Apr 2025
Indian Hotels Company Limited (IHCL) plans to expand its portfolio with over 30 new hotel openings in the next financial year, aiming to strengthen its presence across domestic and international markets. The expansion will focus on premium and luxury accommodations to cater to the growing demand in the hospitality sector. This strategy is part of IHCL's long-term vision to diversify its offerings and tap into emerging travel trends. The new hotels are expected to enhance IHCL's market share and solidify its position as a leader in the hospitality industry.
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02 Apr 2025
The Mysuru Urban Development Authority (MUDA) is set to develop a five-star hotel in West Mysuru through a public-private partnership (PPP) model. This initiative aims to boost tourism and attract high-end visitors to the region, offering luxurious accommodations and amenities. The project is expected to generate significant economic activity and create job opportunities while enhancing the city's appeal as a tourist destination. MUDA is currently evaluating proposals from potential partners to finalise the investment and execution plans for the upscale hotel project in Mysuru.
02 Apr 2025
Haldirams has sold more than 9% of its stake to Singapore's Temasek, valued at over INR 8,000 crore, bringing the company's valuation to around USD 10 billion (INR 86,000 crore). The company is also in talks to sell another 6% to Alpha Wave Global for over INR 5,100 crore. This deal is expected to fuel Haldirams' expansion both in India and internationally. A potential IPO is also being considered, reflecting the growing interest in India's consumer sector.
31 Mar 2025
The Andhra Pradesh government has instructed APIIC to assess Lulu Group International's proposal and secure approval for reviving its shopping-mall project in Visakhapatnam. To facilitate this, VMRDA will return 13.43 acres of Harbour Park land on RK Beach Road to APIIC. Lulu Group, which previously planned the project under the TDP government, saw it canceled in 2019. The company has now reaffirmed its commitment, proposing a world-class hypermarket, Funtura amusement park, fine-dining food court, 8-screen IMAX multiplex, and ample parking. Once completed, the mall will be a key shopping and leisure destination for residents and tourists.Read more
28 Mar 2025
Ananta Hotels & Resorts is set to invest up to INR 450 crore to develop company-owned properties as part of its broader expansion plan to operate 50 hotels and resorts within five years. Currently managing 12 properties, the company recently launched a 144-room resort in Ajabgarh, Rajasthan, and is focusing on tier-II cities for growth. The strategy includes projects underway in Jaipur and other locations. Ananta aims to triple its current revenue of INR 250 crore over the next five years, aligning its vision with the government's push to develop unexplored destinations across India.
28 Mar 2025
Nagpur will soon host luxury hotels from Taj Gateway, Hyatt, and Hilton, following MoUs signed as part of over INR 6,100 crore worth of investments by more than 150 companies targeting projects in the district. The three hotel projects alone will bring INR 875 crore, with INR 400 crore earmarked for Taj, INR 300 crore for Hyatt, and INR 175 crore for Hilton. This initiative, part of a district-wide investment push, also includes proposals for four additional hotels and various industrial projects, ranging from MSMEs to large-scale units. Other major investments include over INR 1,100 crore by Xolopak India Limited for sustainable packaging units in Gondia and Nagpur, and a facility by Inventys Research to produce pharmaceutical input substitutes, reducing dependence on imports from China.
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