2024-09-17 21:32:39
New DelhiYou must be knowing about the Taj Hotel of Tata Group. The first hotel of this group was opened in the then Bombay in the year 1903. At that time, the tariff per night for one room was Rs 6. The market cap of the hospitality company Indian Hotels Company Limited (IHCL) which runs it has reached Rs 1 lakh crore. It has become the first Indian hospitality company to touch this market cap. In this sector, Oberoi Hotel is the second most valuable company in the country with about Rs 24,000 crore.
Huge boom in hospitality sector after covid
Companies in the sector are scaling new valuation heights as travel booms post-Covid. India’s largest airline (by domestic market share) IndiGo achieved the milestone of Rs 1 lakh crore market cap last June. IndiGo’s market cap may soon double, as it is currently over Rs 1.9 lakh crore.
It is a matter of pride for us that IHCL has reached this milestone. I strongly believe that the true potential of the Indian tourism sector in general and our hospitality sector in particular is yet to be reached.
Punit Chhatwal, MD & CEO, IHCL
This is a matter of pride for Tata Group
Speaking to our partner Times of India, IHCL MD & CEO Puneet Chatwal said, ‘It is a matter of pride for us that IHCL has reached this milestone. I firmly believe that the true potential of the Indian tourism sector in general and our hospitality sector in particular is yet to be reached. As a result of the government’s focus on infrastructure development, especially trains, airports and highways, India is set to emerge as one of the leading destinations globally. The meeting, incentive, conference and exhibition (MICE) segment in the country will grow significantly. Domestic tourism will grow steadily. Overall, we are on the cusp of a major transformation of the Indian tourism industry, which will contribute to the development of the country and create direct and indirect employment and contribute further to GDP growth.’
Its hotels have four brands
IHCL has achieved the market cap of Rs 1 lakh crore last week. The company is adding hotels across India. It currently has four brands, Taj, Selections, Vivanta and Gateway. IHCL currently has a portfolio of 340 hotels, of which 112 hotels are operating in 13 countries across four continents. Incorporated by Tata Group founder Jamsetji Tata, its first hotel – the Taj Mahal Palace was opened in Bombay in 1903.
Which company is at number two?
The market cap of EIH, the parent company of Oberoi Hotels, is currently around Rs 24,000 crore. ITC Hotels will be separated from the parent company ITC. Apart from IndiGo, the two listed airlines are SpiceJet and Jet Airways. One is struggling to survive, while Jet Airways was shut down in the year 2019.