India Business News: NEW DELHI: New Delhi: Tata Group Taj Hotels has signed a hotel a week so far this fiscal, accelerating its portfolio expansion amid an unprecedented t.
The Indian Hotels Company Limited (IHCL), backed by Tata Group, has broadened its brand portfolio by forming a strategic alliance with Kolkata s Ambuja Neotia Group for Tree of Life Resorts & Hotels, which was recently acquired by the latter. Last November, the Kolkata-based Ambuja Neotia Group disclosed its acquisition of Gurgaon-based boutique hotel chain Tree of Life Resorts & Hotels, with the transaction amount undisclosed.
Indian Hotel Company (IHCL) plans to expand its new businesses, including Ginger Hotels and TajSATS, to 25% by 2025-26. The value brand is expected to have a presence in all district headquarters. Other new businesses include food delivery business Qmin, business club Chambers, and cottage chain Ama Stays & Trails. TajSATS is expected to generate Rs 1,000 crore in FY25.
Tata Group backed IHCL has reported revenue from operations of Rs 1964 crore for the quarter ended December 31, 2023, up 18% compared to corresponding period of the previous fiscal. The hospitality chain reported a profit after tax of Rs 477 crore, up 18% compared to the quarter ended December 31, 2022.