(FURTHERS ITS PARTNERSHIP WITH AMBUJA NEOTIA GROUP)
TTT NEWS NETWORK
MUMBAI, 6 NOVEMBER 2024:
Indian Hotels Company (IHCL), India’s largest hospitality company, today announced the acquisition of majority shareholding in the operating company of Tree of Life, joining hands with Ambuja Neotia Group.
Speaking on the occasion, Mr. Puneet Chhatwal, Managing Director & Chief Executive Officer, IHCL said, “This acquisition aligns with IHCL’s pioneering ethos of creating destinations and building and scaling new hospitality formats. In line with our growth strategy, it also reflects our vision of expanding existing partnerships. Currently, IHCL is in partnership with Ambuja Neotia Group for seven hotels and resorts featuring notable properties such as the Taj Chia Kutir and Taj Guras Kutir in Darjeeling and Gangtok.”
He added, “Recognising the growing demand for experiential leisure, IHCL is excited to onboard the Tree of Life brand and scale it to 100 properties by 2030.”
Tree of Life Resorts offers tranquil escapes from the everyday, embodying the essence of authentic India in over 15 destinations including off-beat locations like Dared, Dehradun, Varanasi, Binsar, Kumaon, and Udaipurwati.
Mr. Harshavardhan Neotia, Chairman, Ambuja Neotia Group, said, “We are delighted to welcome IHCL to our newest venture taking our collaboration to the next level. As leaders in Indian hospitality, IHCL has been instrumental in pioneering new destinations and travel segments, placing India on the global tourism map. With a proven track record of successfully scaling brands across various formats, we are confident of growing the Tree of Life portfolio with their expertise in developing and operating boutique leisure offerings.”
Tree of Life portfolio is 19 resorts & hotels with 2 under development.
About the Ambuja Neotia Group:
Ambuja Neotia is a prominent and respected corporate house headquartered in Kolkata with its forte in real estate and recent forays into hospitality, healthcare, and education.The company, under the stewardship of Mr. Harshavardhan Neotia has been responsible for landmark projects in and around Kolkata. Udayan, Kolkata’s first condoville built on the PPP (Public-Private Partnership) model made good living ‘affordable’ for the first time in the country and earned Shri Harshavardhan Neotia, the Padmashree in 1999. This was followed by several mini township projects and housing complexes in Kolkata, Durgapur, Burdwan and Siliguri.
With City Centre Salt Lake, the mall concept was revolutionised. Leisure destinations like The Fort Raichak and Ganga Kutir were created by the river Ganges. The Group also forayed into healthcare with the setting up of Bhagirathi Neotia Woman and Child Care Centre. Eco space Business Park was developed to give the city smarter, greener workspaces for better work-life balance. With the vision of imparting education that transforms students into leaders for global society, the Group embarked on a new journey with The Neotia University.
About The Indian Hotels Company Limited (IHCL):
The Indian Hotels Company Limited (IHCL) and its subsidiaries bring together a group of brands and businesses that offer a fusion of warm Indian hospitality and world-class service. These include Taj – the iconic brand for the most discerning travellers and ranked as World’s Strongest Hotel Brand 2024 and India’s Strongest Brand 2024 as per Brand Finance; SeleQtions, a named collection of hotels; Tree of Life, private escapes in tranquil settings; Vivanta, sophisticated upscale hotels; Gateway, full-service hotels designed to be your gateway to exceptional destinations and Ginger, which is revolutionising the lean luxe segment.
Incorporated by the founder of the Tata Group, Jamsetji Tata, the Company opened its first hotel – The Taj Mahal Palace, in Bombay in 1903. IHCL has a portfolio of 350 hotels including 118 under development globally across 4 continents, 13 countries and in over 130 locations. The Indian Hotels Company Limited (IHCL) is India’s largest hospitality company by market capitalization. It is listed on the BSE and NSE.
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