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28 Mar 2025
Manipal Hospitals is preparing to file for an IPO by June and has shortlisted investment banks, including Kotak Mahindra Capital, Citi, and Morgan Stanley, to manage the offering. The hospital chain, backed by Singapore's Temasek, aims to raise INR 3,000-3,200 crore through a partial stake sale, valuing the company at around INR 44,000 crore. The IPO will help Temasek partially exit its investment after acquiring a majority stake last year. Manipal Hospitals, founded in 2009, operates 30 hospitals across India with over 9,500 beds. It is anticipated that the listing will rank among the biggest in the healthcare industry in recent years.
27 Mar 2025
InterGlobe Hotels (IGH), a joint venture between InterGlobe Enterprises and Accor, is expanding its presence in India through a greenfield development strategy focused on key metropolitan markets. Recently, IGH launched its fifth property in Mumbai at Bandra Kurla Complex (BKC), adding 206 rooms and expecting it to contribute nearly 25% of Mumbai revenue in the next three years. The company is now eyeing further growth in Delhi-NCR, Hyderabad, Bangalore, Pune, and Goa. Currently operating 23 hotels across India, IGH reported 14% revenue growth in 2024 and anticipates maintaining this momentum. The ibis brand, targeting business travelers, enjoys occupancy rates of up to 90%, with projected ADR growth of 5-10% in 2025.
26 Mar 2025
Thailand-based Minor International Plc, the parent company of Minor Hotels, has outlined an ambitious expansion plan for India, aiming to launch 50 properties by 2035. The group, which operates over 540 hotels globally, has already marked its presence with the recent opening of the Anantara Jewel Bagh in Jaipur. Minor Hotels plans to expand its luxury brands such as Anantara, Avani, and NH Collection across India, focusing on tier I and II cities. The company has also inaugurated a regional office in Bengaluru and appointed Vijay Krishnan as Vice President of Operations for India to spearhead its local initiatives.
26 Mar 2025
D-Mart has leased a 35,000 sq. ft space at Migsun Mi Gente Mall in Ghaziabad, marking its continued expansion in the National Capital Region (NCR). Located in Raj Nagar Extension, the mall offers excellent connectivity and high footfall, making it ideal for D-Mart's focus on affordable groceries and daily essentials. This move aligns with the retailer's strategy of targeting high-density residential areas. The retail real estate market in Ghaziabad is experiencing strong growth, with malls attracting major brands. D-Mart's entry further highlights the increasing demand for large-format stores in well-connected, urban centers.
26 Mar 2025
Grand Continent Hotels opened its IPO for subscription earlier this week, aiming to raise INR 74.4 crore through a combination of fresh equity shares and an offer for sale by its promoter. The price band has been set between INR 107 and INR 113 per share, with the grey market signaling stable interest at the upper price limit. The proceeds from this SME IPO will primarily be used to reduce debt and fund expansion plans across India. The company's consistent financial growth and its mid-scale hospitality operations across multiple cities could attract retail and HNI investors.
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25 Mar 2025
The Maharashtra state government has announced an ambitious plan to develop 45 aerial ropeways across key tourist destinations in the state, in partnership with the National Highways Logistics Management Limited (NHLML), a subsidiary of the National Highways Authority of India (NHAI). The project aims to enhance tourism and alleviate traffic congestion at popular sites such as the Elephanta Islands, Alibaug Fort, Matheran, Raigad, Pratapgad, Sinhagad Fort, and Mahabaleshwar. Additional locations identified for ropeway construction include Jejuri, Sajjangad, Ajinkyatara Fort, Thoseghar Waterfalls, and Renuka Temple. The ropeways will be executed under a public-private partnership model, with state agencies maintaining equity stakes.Read more
25 Mar 2025
McDonald's has chosen Hyderabad as the site for its India headquarters and Global Capability Centre (GCC), following a competitive selection process that saw the city triumph over rivals like Bangalore. This strategic move is expected to create 2,000 jobs in its initial phase. The American fast-food giant plans to leverage Telangana's skilled workforce and infrastructure while expanding its local restaurant network. The Telangana government is also looking to strengthen this partnership by offering agricultural produce sourcing and workforce training via state-backed skilling programs, further anchoring McDonald's growing footprint in the region.Read more
24 Mar 2025
In a significant move marking the end of an era, Air India recently shifted its booking office from the historic Air India building to CR2 Mall at Nariman Point. The 23-storey tower, a prominent feature of Mumbai's skyline since 1974, was sold to the Maharashtra government for INR 1,600 crore last year as part of the airline's asset monetisation programme. The building, known for its signature centaur logo and billboard of international destinations, had remained an iconic landmark along Marine Drive for nearly fifty years. Tata Group, which acquired the carrier in 2022 for INR 18,000 crore, has been focusing on streamlining operations.Read more
20 Mar 2025
Novelty Chambers, home to the once-celebrated Novelty Cinema at Grant Road, South Mumbai, is set to be demolished after the Brihanmumbai Municipal Corporation (BMC) declared the building unsafe. The cinema, which stopped screening films 19 years ago, was one of Mumbai's most prominent single-screen theaters before the multiplex boom forced its closure. The building currently has only one operational office out of nine stories, while the ground floor remains home to the now-defunct theater. The site is expected to make way for a new residential high-rise.Read more
19 Mar 2025
Manglam Group, a prominent real estate developer in Rajasthan, has unveiled an ambitious INR 1,000 crore investment strategy to enter the INR 82,000 crore Indian hospitality sector over the next five years. Leveraging its extensive experience with over 70 completed real estate projects, the group is focusing on greenfield developments in high-growth segments such as destination weddings, leisure tourism, and MICE. Their inaugural hospitality venture, the Westin Jaipur Resort, is nearing completion, with a second hotel already underway in Jagatpura, Jaipur.Read more
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