US-based Orient Express Hotels has termed the $1.86 billion acquisition offer by Tata group firm Indian Hotels as 'unsolicited' and said it will evaluate the proposal 'carefully and respond' accordingly.
It will expand their footprint radically, give them a huge presence at the top end of the market, and reduce their dependence on India.
Armed with Rs 650 crore (Rs 6.50 billion) fund for acquisitions, Tata Group firm Indian Hotels Company said on Wednesday that it would open one Taj exotica resort in Mauritius.
The launch of the first-ever direct train service from Delhi to Kashmir would be a big turning point in the Valley's mood and its integration with India. He had to thwart it at any cost, asserts Shekhar Gupta.
A batch of Indian nationals, who returned to their homeland on Saturday after being evacuated from crisis-hit Syria, recalled the panic situation they faced in that country but praised the Indian Embassy there for being in 'constant touch' with them.
This e-series funding round also makes OYO the most valued hospitality company in the country, ahead of the Tata group's Indian Hotels Company, which owns the Taj brand of hotels, and EIH, which owns the Oberoi brand of hotels.
Large chains like the Marriott and Taj that are estimated to consume two million plastic bottles a year have taken a conscious decision to first eliminate PET bottles on their premises and then reduce the use of single-use plastic altogether, saying they are all for a sustainably environment-friendly tomorrow.
Ratan Tata: A Life, the much awaited biography, reveals that after a year of 'parallel running', Tata began having second thoughts about Cyrus Mistry's 'suitability'. 'Mistry targeted Ratan, the man who had elevated him from virtual oblivion into the mainstream of the Tatas...'
The race to acquire diversified fintech firm Religare Enterprise Limited (REL) intensified as Dabur group promoters, the Burman family, said it was going ahead with the open offer on Monday and claimed that the counter offer made by US-based businessman Digvijay Gaekwad wasn't valid and will not stand scrutiny of market regulator Sebi. The Burman family claimed that the competing offer falls outside the 15-day window stipulated by the Sebi takeover code, following their initial offer on October 4th, 2023.
The company divests from properties abroad to focus on its key markets.
'Even if India is attractive, FPIs currently lack the funds to invest, as money is being redirected to the US.'
From the 30-share blue-chip pack, Bharti Airtel, Power Grid, Bajaj Finance, Nestle, Mahindra & Mahindra, Reliance Industries, Asian Paints, IndusInd Bank, Hindustan Unilever and HDFC Bank were the biggest gainers. Bajaj Finance climbed nearly 2 per cent after the company reported an 18 per cent increase in its consolidated net profit to Rs 4,308 crore for the December quarter.
Tahawwur Hussain Rana, a Pakistan-born Canadian national and close associate of David Coleman Headley, could be extradited to India in connection with the 26/11 Mumbai terror attacks. Rana's travel history in parts of north and south India before the attacks in 2008 is expected to provide crucial leads for the investigation. His extradition would mark the third person to be tried in India for the attacks, after Ajmal Kasab and Zabiuddin Ansari alias Abu Jundal.
As several premium hotels such as ITC, Taj and Oberoi reopen after the lockdown in cities such as Bengaluru, Kolkata and Hyderabad, many changes have been made for the safety of guests and staff including temporary closure of spas, bars, gyms, and swimming pools.
Only 10,059 tourists have visited the state this month compared to around 90,000 in July
'This is the Bengal story, where businesses are nurtured, dreams are realised, and legacies are built.'
The 36 new properties, which will also include expansion across two new countries, will add 5,431 rooms.
Ginger Hotels, the no-frills brand by Roots Corporation, a 100 per cent subsidiary of Indian Hotels which operates Taj Hotels Resorts and Palaces, is in talks with real estate developers to rent space in commercial complexes to run its hotels.
They are considering options with respect to the offer to acquire the hotel.
Many travellers are now opting for domestic destinations like Goa, Kerala, Rajasthan, Lakshadweep, Himachal Pradesh, and the North East.
'When the bombing happened in the Taj Mahal hotel in 2008, that was a very sad moment, but he really took care of the people, took care of everybody and that was when you saw some of his best moments.' 'There are some things which we will never forget. That is when the best of a person comes out.'
Prithvi Raj Singh Oberoi, the 94-year-old veteran corporate hotelier who redefined India's hospitality industry, passed away on Tuesday. The Chairman Emeritus of The Oberoi Group, popularly known as 'Biki', built a sprawling chain comprising 32 hotels during his lifetime. EIH owns the eponymous Oberoi and Trident hotel chains.
Orient-Express has rejected repeated approaches from Tata's Indian Hotels Company, with the issue turning into a public spat in December when the US group said it believed such an alliance would damage the value of its brands.
After a silence of about three months, Orient-Express Hotels, the Bermuda-based luxury hotel chain, has finally broken its silence on the apology sought by Indian Hotels Company Limited.
'We are not opposed to any Indian language. We are against Hindi imposition.'
Tata Steel and Indian Hotels on Wednesday said they have always made all relevant disclosures and have no further comments to offer following comments made by ousted Tata Group chairman Cyrus Mistry that Tata group firms could face a potential USD 18 billion writedown.
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
There were certainly qualities adhering to the Tata Group, which emanated from the persona of Ratan Tata. Most notable of these would be the low profile he maintained, which sharply contrasted the in-your-face celebrity status, celebration of wealth and pursuit of importance many of liberalised India's rich, love, notes Shyam G Menon.
The revenue growth of early birds or companies that have declared their Q4FY24 (March quarter) numbers is the highest in the last four quarters. The 178 companies (excluding their listed subsidiaries) that declared their results have reported a sales growth rate of 13.2 per cent year-on-year (Y-o-Y), taking aggregate revenue to Rs 9.1 trillion. Including other income, growth is at 16 per cent, the highest in the last four quarters.
Ratan Tata, Chairman Emeritus of the Tata Group, on Sunday said ace investor Rakesh Jhunjhunwala will always be remembered for his acute understanding of the markets as well as for his jovial personality, kindness, and foresightedness. Jhunjhunwala, often referred to as 'India's Warren Buffett', passed away here Sunday morning due to a cardiac arrest. He was 62. Jhunjhunwala had investments in more than three dozen companies, the most valuable being watch and jewellery maker Titan, part of the Tata conglomerate.
The company is confident that more hotel owners will be keen to associate themselves with the Hilton brand, the second-biggest hotel chain globally after Marriott.
The construction of this hotel has been deferred by four years.
Small- and mid-size companies where Cyrus was the chairman did better on bourses than large Tata group companies
The renovations at the old hotels will be complete in two and a half years and tariffs will range between Rs 2,500 and Rs 4,000
Days after the disbanding of Group Executive Council set up by Tata Sons ousted chairman Cyrus Mistry, N S Rajan and Nirmalya Kumar have resigned from their respective board positions at Indian Hotels Company and Tata Chemicals.
With the fresh wave of COVID-19 plunging the hospitality sector back into uncertainty, industry body HAI on Monday said it has asked the government to consider granting infrastructure status to hotels, extend moratorium on loans and rationalise taxes. In its pre-Budget memorandum, the Hotel Association of India (HAI) said policy interventions are imperative for the sector's survival and its early and quick rebound to normalcy. "The hospitality industry was slowly getting into a recovery mode on the strength of domestic tourism - leisure and events, only to be plunged back into uncertainty on account of the Omicron threat.
Leading hotels are taking all precautions but the unusual service the staff has been pressed into puts them at the forefront of COVID fight.
Tata-promoted Taj Hotels may decide to add the Nano to their line of chauffeur-driven cars used for guest transfers.
10 largecaps stocks which stand to gain from the Budget.
