H&M India adopts omnichannel approach for expanding market presence
Author : PNT Bureau
H&M, the popular Swedish fast-fashion retailer, is planning an extensive expansion in India. The company aims to open six new stores and enter three additional cities by the end of 2023, while also emphasizing the growth of its online sales. H&M India's country sales manager, Yanira Ramirez, expressed confidence in India's potential as a growth market and highlighted the company's commitment to an omnichannel approach. With 51 existing stores, H&M India recorded a revenue of ?2,115.18 crore for FY22, marking a 49% increase from the previous year....
HDFC evaluates one-time settlement offers for Radisson Blu Hotels in Ghaziabad
Author : PNT Bureau
HDFC, post-merger with HDFC Bank, is considering a one-time settlement offer from promoter DP Jain for the sale of two Radisson Blu hotels in Ghaziabad. The outstanding loan for these properties is Rs.507 crore, and the settlement offers from DP Jain and Prudent ARC are Rs.315 crore and Rs.311 crore, respectively. HDFC is currently evaluating these offers, which could result in a 61% recovery for the outstanding loan amount. The evaluation process will determine the course of action for HDFC in addressing the loan default....
Radisson Hotel Sonamarg: A paradisiacal retreat elevating tourism in Jammu and Kashmir
Author : PNT Bureau
The newly opened Radisson Hotel Sonamarg in Jammu and Kashmir aims to invigorate the region's tourism sector. Located amidst the picturesque valley of Sonamarg, the hotel offers luxury accommodation, breathtaking views of the Himalayas, and a range of amenities. With a focus on sustainability, the hotel strives to promote local economic growth while providing guests with a memorable and rejuvenating experience. The opening of the hotel is expected to create employment opportunities and support local businesses, further contributing to the revitalization of tourism in the region....
LuLu Group's Rs 3,500 crore Investment in Telangana
Author : PNT Bureau
UAE-based LuLu Group unveils a grand vision for Telangana, investing a staggering Rs 3,500 crore in the realms of food processing, logistics, and retail. Their ambitious plans include a state-of-the-art logistics hub and export processing plant, an integrated meat processing facility, and the transformation of a mall into the magnificent LuLu Mall. With employment opportunities and economic growth in mind, this visionary endeavour promises to leave a lasting impact on Telangana's landscape. The LuLu Group's commitment to innovation and expansion sets the stage for a prosperous future in the realms of commerce and consumer experiences....
Macrotech Developers wins bid for Mumbai's V Hotels
Author : PNT Bureau
Macrotech Developers, a subsidiary of the Lodha Group, has emerged as the successful bidder for V Hotels Ltd., acquiring the Tulip Star (formerly Centaur Hotel Juhu) in Mumbai. The Committee of Creditors declared Macrotech Developers as the resolution applicant for the bankrupt hospitality company. Macrotech Developers highlighted the real estate assets of V Hotels that hold potential for residential and allied development. Additionally, Macrotech Developers acquired a land parcel in Kanjur Marg from HDFC. These acquisitions further solidify Macrotech Developers' position in the real estate industry and showcase their commitment to innovation and growth....
Man evades Rs 58 lakh bill at Delhi five-star hotel with staff help
Author : PNT Bureau
A man from Guwahati allegedly conspired with hotel staff to stay at a five-star hotel in Delhi's Aerocity for over two years without paying a bill of Rs 58 lakh. The hotel management became aware of the situation during a routine review of records, prompting them to file a complaint against the guest and several staff members accused of assisting him in the fraudulent scheme. The accused manipulated records to conceal the actual outstanding dues and avoid detection of their illegal activities. A case has been registered against the accused under various sections, including cheating and criminal conspiracy....
Tata Power, Le Roi Hotels collaborate to install EV charging infra
Author : PNT Bureau
Tata Power partners with Le Roi Hotels and Resorts to establish EV charging stations across their properties, promoting sustainable mobility and eco-friendly tourism. With 16 chargers strategically located at 8 sites, this collaboration creates a green corridor for clean travel in India. The stations include fast DC (CCS-II) and AC (Type II) chargers, offering comprehensive charging solutions. The partnership covers diverse locations from Udaipur to Digha and Haridwar to Koti, connecting popular tourist destinations....
IKEA nears construction milestone, map approval expected soon for Noida store
Author : PNT Bureau
IKEA is awaiting map approval for its new store in Noida, India, signaling progress toward construction commencement within the next few months. The Swedish furniture retailer aims to offer affordable and quality home furnishings, meeting the rising demand in the Indian market. The store's establishment is expected to create employment opportunities and contribute to the local economy. With successful store launches in other Indian cities, IKEA's entry into Noida represents a significant milestone in its expansion plans. The eagerly anticipated store will bring convenience and access to IKEA's products to residents and drive growth in the region's retail ecosystem....
ITC considers Real Estate Investment Trust (REIT) structure for Hospitality Business
Author : PNT Bureau
ITC, a conglomerate in India, is reportedly exploring alternative structures, including a Real Estate Investment Trust (REIT), for its hospitality business. While ITC has expressed commitment to implementing an "asset-right" strategy, it has refrained from commenting on specific hypotheses or speculation. The potential transfer of hotel properties to a REIT would allow ITC to list the trust separately and distribute income to unitholders. The move comes as the Indian market witnesses the success of listed REITs and their growing popularity among investors....
OYO launches "Stay Now Pay Later" Program in partnership with Simpl
Author : PNT Bureau
In collaboration with Simpl, OYO has introduced its "stay now pay later" (SNPL) service, which gives Indian tourists a credit limit of up to Rs 5,000 to pay off after a 15-day hotel stay. The initiative, which is available through the OYO app, intends to provide users more choice when scheduling their summer vacation. OYO noticed an 8% boost in payment completion rates during a pilot test, demonstrating the program's appeal to visitors looking for flexible payment choices. With the SNPL program, OYO hopes to assist those who are concerned about their cash flow and strengthen its position as India's top hospitality supplier....
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