Reliance Retail Ventures sees surge in investments from ADIA, KKR, and QIA
Author : PNT Bureau
Abu Dhabi Investment Authority (ADIA) is reportedly considering a substantial investment of $600 million in Reliance Retail, owned by Mukesh Ambani's Reliance Industries. ADIA already holds a 1.2% stake in Reliance Retail Ventures since October 2020. Recently, global investment firm KKR increased its stake in RRVL after a full subscription amount of Rs 2,069.50 crore. Earlier in September, Qatar Investment Authority invested Rs 8,278 crore for a 1% stake. Reliance Retail raised significant funds in 2020, with a 10.09% stake valued at Rs 47,265 crore. Reliance Retail, expanding aggressively, achieved over a billion transactions and a user base of 249 million, contributing 18% to FY23 revenue....
Wave Group to invest Rs. 100 crore in expanding cinema screens across new properties
Author : PNT Bureau
Wave Group, a real estate developer, has announced plans to invest approximately Rs 100 crore in adding 35 cinema screens across seven to eight new properties. This expansion comes after the recent launch of Wave Cinemas, a premium 7-screen multiplex in Gurgaon. With these new screens, Wave Group will operate a total of 10 multiplexes and 42 screens. The move into the cinema industry aligns with the trend of real estate developers diversifying into entertainment and hospitality sectors to create comprehensive lifestyle destinations for customers. It also reflects the growing demand for high-quality cinematic experiences in India....
IHG expands its Mumbai portfolio with two new hotels
Author : PNT Bureau
IHG Hotels & Resorts and Saryu Properties & Hotels Pvt. Ltd. will work together to increase IHG's footprint in Mumbai. Voco Mumbai Powai Hotel & Convention Centre and Holiday Inn Express & Suites - Mumbai Powai are the two hotels in Mumbai that will be transformed into IHG-branded establishments. These hotels will open in the upcoming years to serve Mumbai's expanding hospitality industry. The action demonstrates IHG's dedication to offering a variety of lodging alternatives and supporting Mumbai's burgeoning hospitality sector. Additionally, it shows how optimistic the firm is about the city's future as a destination for tourists and business meetings....
Hyatt' brand-affiliated Juniper Hotels has started the process of raising Rs 1,800 crore through an IPO. The company, which is jointly controlled by Saraf Hotels Ltd and Two Seas Holdings Ltd, intends to use the funds to pay off current debts as well as for basic business needs. The rise of Juniper Hotels and the belief in India's hotel industry are both highlighted by its IPO, which consists of new equity shares. In light of the rising demand for high-quality lodging in India's booming tourism sector, the company's position in the market will be strengthened by the IPO's success and will help its expansion plans....
Dusit International expands presence in China with Dusit Thani Mogan Mountain, Huzhou
Author : PNT Bureau
Dusit International has expanded its presence in China with the opening of Dusit Thani Mogan Mountain, Huzhou. This luxury resort is Dusit's 11th property in China and is located in the Zhejiang, Jiangsu, and Shanghai economic region, offering a tranquil retreat for both business and leisure travellers. The resort is set amidst the natural beauty of Mogan Mountain, known for its pristine landscapes and tea plantations. The property features eco-friendly design, wellness facilities, Thai-inspired spa treatments, and a focus on well-being. Guests can enjoy activities like hiking, biking, and paddleboarding in this serene environment....
Oyo poised for Rs 16 crore maiden net profit in ongoing quarter
Author : PNT Bureau
Oravel Stays, the parent company of Oyo, is poised to achieve its first-ever net profit in the second quarter of the current fiscal year, according to CEO Ritesh Agarwal. He anticipates a net profit of over Rs 16 crore for July to September, a significant milestone as Oyo prepares for an imminent IPO. The company is also projected to end the fiscal year with an impressive adjusted EBITDA of Rs 800 crore, a threefold increase from the previous year. Oyo's financial highlights include strong revenue growth, reduced losses, and an impressive adjusted gross profit margin. Its strategic expansion and cost optimization efforts contribute to its promising future....
DB Realty diversifies into hotel industry with strategic acquisitions worth Rs 2,300 crores
Author : PNT Bureau
Mumbai-based DB Realty is entering the hotel and hospitality industry by acquiring ownership stakes in several entities. This includes a 50% ownership in Bamboo Hotel Global Centre, which is constructing a hotel complex in Aerocity, New Delhi, featuring the St. Regis and the Marriott Marquis hotels. DB Realty also intends to purchase Goan Hotels, which owns the Grand Hyatt Goa, and acquire 75% of the equity shares in BD and P, the owner of the Hilton Mumbai International Airport. This strategic move allows DB Realty to diversify its business and tap into the growing hospitality market to generate a consistent stream of income....
Food Square to replace Future Group's Food Hall in Salman Khan's Bandra property
Author : PNT Bureau
In 2012, actor Salman Khan acquired a Bandra building for Rs 120 crore, intending to transform it into a commercial property. Recently, LandCraft Retail leased the property to establish Food Square, a gourmet store, at a monthly rental of 1 crore, replacing Future Group's Food Hall due to payment issues. This investment trend in commercial properties by Bollywood celebrities, including Amitabh Bachchan and Kartik Aryan, is driven by attractive rental yields. The Indian gourmet food market, currently valued at $1.3 billion, is steadily growing at a 20% annual rate, making it a promising venture. Gourmet retail stores offer a variety of high-quality products, contributing to this market's success....
Coca-Cola and Burger King: A new global alliance on the horizon
Author : PNT Bureau
Burger King, the second-largest burger chain in India, is in negotiations to establish an exclusive partnership with Coca-Cola, ending its decade-long association with PepsiCo. Coca-Cola's "COKE WITH MEALS" campaign, in collaboration with food delivery giants like Zomato and Swiggy, has prompted Burger King's interest in partnering to expand its reach. This move is expected to boost sales for both Burger King and Coca-Cola in dining and home deliveries. While the two brands have partnered in the United States, this marks a significant shift in India's fast-food landscape. The collaboration aims to offer a global fusion of burgers and beverages in 54 countries....
Samhi Hotels' IPO witnessed robust demand, being oversubscribed 5.33 times. The IPO, valued at Rs 1,370 crore, attracted bids for 33,30,05,911 shares against the available 6,25,29,831 shares. Qualified institutional buyers dominated the demand, oversubscribed by 8.82 times, while non-institutional investors subscribed 1.22 times and retail individual investors subscribed 1.11 times. Samhi Hotels, known for acquiring, developing, and operating hotels, holds a portfolio of 4,801 keys across 31 operational hotels. The IPO proceeds will be used for debt repayment and general corporate purposes. JM Financial and Kotak Mahindra Capital Company managed the offering....
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