Tatas for major expansion in Goa, set to pump in Rs 300 crore
Times of India | 8 hours ago | 31-01-2023 | 08:18 am
Times of India
8 hours ago | 31-01-2023 | 08:18 am
PANAJI: Indian Hotels Company Limited (IHCL), the hospitality arm of the Tata Group, has prepared a robust expansion roadmap for Goa, and intends to invest around Rs 300 crore in new properties in the state. The company is looking to add to its existing portfolio of 23 hotels in Goa by opening up several new resorts over the next two to three years.Among the new projects IHCL intends to set up is a “super luxury dream project” at the Fort Aguada and Taj Holiday Village, Sinquerim.“There are a lot of projects in the pipeline that we want to showcase in the next few years. One of our dream projects is going to come up at the Fort Aguada and Taj Holiday Village. We want to pump in a lot of money into the state,” senior vice-president, IHCL-Goa, Vincent Ramos, told TOI in an exclusive interview.Currently, IHCL operates 23 resorts and homestays in the state, and has emerged as the largest hospitality chain in Goa’s tourism sector. IHCL operates resorts under a group of brands, which includes Taj, SeleQtions, Vivanta, Ginger, and homestays under the ama Stays & Trails brand.Led by IHCL’s chief executive officer and managing director Puneet Chhatwal, IHCL aims to have around 1,700 rooms in Goa under its portfolio by December 31.“Goa has been the largest market. Goa’s expansion has been the largest in our portfolio, and it has been the fastest. We are growing in other states, but not as aggressively as the way we are growing in Goa, and that is why you can see the huge profits,” said Ramos.In 2021-22, amidst the pandemic, IHCL raked in a profit of Rs 160 crore just from Goa. The state contributed 45% to IHCL’s topline in 2021-22, but going forward, this is expected to settle at around 40%.Despite Covid-19 acting as a dampener on tourism and travel, IHCL saw sustained demand from domestic and international travellers for Goa. The opening of Goa’s second international airport at Mopa has also prompted the Tata Group to place large bets on North Goa.“We are expanding exponentially in Goa. SeleQtions, Ginger, and ama Stay & Trails will witness new additions. Right now, our investment in the hotels that are in the pipeline and the ones that have been recently opened up would be around Rs 300 crore,” said Ramos.Asked if IHCL has identified plans to set up a resort next to the greenfield airport, Ramos said that the company would certainly like to be the first mover. “We are looking at potential opportunities around the new airport, however, nothing has been confirmed yet,” he said.Ramos said that the company is in close discussions with the government and local partners to set up the new resorts. He said that over the next 24 months, IHCL will focus on the Ginger brand, which has proved to be a success for the company. “Ginger is our success story in Goa because we make 60% of our profit there,” he said.Given the rapid expansion plans for the state, IHCL is well en route to strengthen its position as the largest hospitality chain in Goa.