'IHCL aiming for double-digit growth in FY25'
Tata group-backed Indian Hotels Company (IHCL) is aiming for double-digit topline growth this fiscal and plans to open 25-30 hotels. It will also launch hotels overseas but its primary target will remain India's thriving hospitality industry. «Our commitment extends to maintaining zero net debt while accumulating cash reserves, positioning us strategically for future investments in cash deployment, capex, M&A, or strategic reserves,» Puneet Chhatwal, MD, IHCL, told ET in an interview.
He said while FY25 will be a 'breakthrough year' for the company's international expansion, the primary focus will remain on the Indian subcontinent. «We're expanding internationally with a target of at least three hotels outside of India, with contracts already signed, including two in Bhutan, and ongoing discussions for locations such as Dubai, London, Frankfurt, and others. We have two hotels under construction in Dhaka and several negotiations underway in the Indian peninsula, Sri Lanka, and nearby regions,» he said.
He said IHCL — the operator of brands like Taj, Ginger and Vivanta- is also actively exploring opportunities in Southeast Asia while keeping «an eye out» on the European market.
«While we're also considering opportunities in the Middle East, including Bahrain, Saudi Arabia, and Abu Dhabi, we are proceeding with caution and only pursuing opportunities that align with our strategic vision,» said Chhatwal, noting that despite the robust expansion plans, South Asia will comprise 95% of IHCL's portfolio, with only 5%
