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India’s young generation with disposable income, a penchant for good food and tendency to eating out is giving Indian agriculture a major boost. While earlier, exotic vegetables like baby rucola, wild arugula, butternut squash, malabar spinach, chia, kale and baby kale needed to be imported, things are better with local farms growing the same. As compared to before, the products are now fresher and priced lower. Many a times, it’s not the traditional farmers who are working in the farms. Couples like <keyword id="3794490" type="UNKNOWN" weightage="20" keywordseo="sanmitra-pandharpur">Sanmitra Pandharpur</keyword> and <keyword id="2083244" type="UNKNOWN" weightage="20" keywordseo="Amrita-Chaudhury">Amrita Chaudhury</keyword> are also there. This couple owns Offering Farms some 40 kms always from Pune and grows vegetables, grains and herbs to suit the tastes of connoisseurs and their favourite dishes. 
 This farm supplies to hotels like <keyword id="4854" type="COMPANY" weightage="20" keywordseo="JW-Marriott">JW Marriott</keyword> and <keyword id="192911" type="CITY" weightage="20" keywordseo="Westin">Westin</keyword> in Pune and several others in Mumbai, Goa and Gurgaon making sure the cherry on your cake, mushroom in your curry and avocado in your salad taste perfect. 
 "The best part about these farms is that their produce is completely organic and that compliments the freshness of the dishes,” Chef Mayur, the executive chef at JW Marriott, Pune told the <keyword id="6474066" type="COMPANY" weightage="20" keywordseo="economic-times">Economic Times</keyword>. "Offering, gives us exotic rocket lettuce, iceberg lettuce and endive lettuce which are fresh and give our salads the right punch,”he added. 
 
Alongside having envious list of clients that include mostly five star restaurants and boutique hotels these new age farm entrepreneurs also steal the show by bringing to table exotic varieties of king oyster mushroom, Japanese greens, lettuce, vanilla, pepper, nutmeg, cocoa, nutmeg and many more are being cultivated to suit the tastes of connoisseurs and their favourite dishes straight from nature's basket. 
 The food services market, according to the <keyword id="146581" type="ORGANIZATION" weightage="20" keywordseo="National-Restaurant-Association-of-India">National Restaurant Association of India</keyword> (<keyword id="92417" type="ORGANIZATION" weightage="20" keywordseo="NRAI">NRAI</keyword>), an apex body of food service operators, and advisory firm <keyword id="182686" type="CITY" weightage="20" keywordseo="Technopak">Technopak</keyword>, is estimated to grow at a compounded annual growth rate of 10% over the next five years. This is ahead of the 7.7% the market registered annually between 2013 and 2016. While a discretionary slowdown is still a challenge for most players, especially, organised players, a robust outlook for the market hints that most remain bullish about food services in the country over the medium to long term.

New age farmers are selling
exotic vegetables - a major boost to the food service sector

<keyword id="23031470" type="General" weightage="20" keywordseo="ventive-hospitality" source="keywords">Ventive Hospitality</keyword>, a joint venture between Blackstone Group and <keyword id="21088756" type="General" weightage="20" keywordseo="panchshil" source="keywords">Panchshil</keyword> Realty, on Tuesday filed preliminary papers with capital markets regulator Sebi to raise Rs 2,000 crore through an initial public offering (IPO). The Pune-based company's IPO is completely a fresh issue of equity shares with no offer-for-sale (OFS) component, according to the draft red herring prospectus (DRHP). Also, the company may consider a pre-IPO placement aggregating up to Rs 400 crore. If such placement is undertaken, the issue size will be reduced. Proceeds of the IPO to the tune of Rs 1,600 crore will be used for debt payment. As per the draft papers, <keyword id="23114126" type="General" weightage="20" keywordseo="ventive" source="keywords">Ventive</keyword> Hospitality has a borrowing of Rs 412.60 crore as of March 2024. Ventive Hospitality is a hospitality asset owner primarily focused on luxury offerings across business and leisure segments in India and the <keyword id="19926427" type="General" weightage="20" keywordseo="maldives" source="keywords">Maldives</keyword>. At present, Panchshil holds a 60 per cent stake in Ventive, while Blackstone owns the remaining 40 per cent stake. As of March 2024, the company's portfolio comprised 11 operational hospitality assets comprising 2,036 keys, of which six are operated by or franchised from Marriott, two are operated by or franchised from Hilton and the remaining three are operated by other hotel operators. Some of its hospitality assets are Anantara Maldives, Conrad Maldives, JW Marriott, Pune and The Ritz-Carlton, Pune. JM Financial, Axis Capital, ICICI Securities, IIFL Securities, <keyword id="20424038" type="General" weightage="20" keywordseo="kotak-mahindra-capital-company" source="keywords">Kotak Mahindra Capital Company</keyword>, <keyword id="19951017" type="General" weightage="20" keywordseo="sbi-capital-markets" source="keywords">SBI Capital Markets</keyword> and HSBC Securities and Capital Markets(India) Private Ltd are the book running lead managers for the issue. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ather-energy-looks-to-raise-3100-crore-files-ipo-papers-with-sebi/articleshow/113214971.cms">Ather Energy looks to raise ₹3,100 crore, files IPO papers with SEBI</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-iphone-16-pro-max-india-price-specifications/articleshow/113204340.cms">iPhone 16 Pro and iPhone 16 Pro Max with bigger displays, A18 Pro chipset launched starting at ₹1,19,900</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-iphone-16-plus-price-specs/articleshow/113203568.cms">iPhone 16, iPhone 16 Plus with A18 chipset launched starting at ₹79,900</a>

Ventive Hospitality files papers with Sebi to raise Rs 2,000-cr via IPO

Mumbai, Feb 23 () Chalet Hotels, the hospitality arm of leading realtor R Raheja Corp, is targeting to increase its margin, which is already the highest in the industry, to around 45 per cent on the back of expansion and rising room prices. The company currently has margins of about 41 per cent. Chalet operates close to 2,780 keys spanning six properties in Mumbai/Navi Mumbai, Bengaluru, Hyderabad and Pune, and is adding around 600 more rooms in three greenfield properties by 2022 at an investment of Rs 1,300 crore. Chalet will be opening the city's first super-luxury brand 'W' from the Marriot stable with 150 keys in Powai by 2022. It will also add a 260-room Hyatt Regency in Navi Mumbai through its maiden association with the Hyatt group, apart from adding over 80 keys to the just acquired Novotel in Pune towards the end of the year. That apart, it is investing around Rs 600 crore to upgrade the 600-keys Renaissance Convention Centre &amp; Hotel into The Westin later this year. The company is also keen to enter Chennai and Goa, and "doesn't mind buying out an operational property in Delhi", taking into account the "considerable developmental risks" in the national capital, according to its Managing Director and Chief Executive Sanjay Sethi. According to publicly disclosed numbers and also those collated by industry tracker Horwath STR India Hotel Review 2019, Chalet's margin is almost double of its peers and also the highest by a wide margin at 41.4 per cent as of the December 2019 quarter as also in the first nine months of the fiscal. As against this, Taj (Indian Hotels from the Tatas) has a margin of 24.4 per cent, East India Hotels that operates the Oberori/Trident brands has the lowest at 21 per cent and the mid-sized Lemon Tree stands at 32 per cent (in the first three quarters). "Our target is to take margins to the mid-40s, as taking it to 50 per cent will be tough," Sethi told when asked whether margins can improve with expansion of its portfolio. Explaining how it maintains high margins, Sethi said, "We've the lowest salary cost in the industry even though our salaries are much higher than the industry average. Our employee-room ratio is 1.2 against the industry's 2 per room." "This makes a lot of difference as salaries are the biggest expenses head in hospitality. While the industry average is 21 per cent, ours is only 14 percent," he said. Also, at Rs 8,367 a room per night in the first three quarter of the year, Chalet's average tariff is higher than the industry's at Rs 6,698, according to the Horwath data. Again, it has the highest room occupancy at 75 per cent against 69 per cent of the industry, Sethi said. Another factor that helps maintain higher margins is the eco-friendly properties that Chalet operates, which helps it cut down on energy usage, he said, adding that HLP (heating, lighting and power) is the second biggest expense head for the industry. While the industry average is 9 per cent, Chalet's is only around 7 per cent, he said. On the tariff front, he said it has risen by 9 per cent so far this fiscal and the upward trend is likely to continue given the limited number of inventory entering the market and the industry, that contributes 7.5 per cent of GDP, is expected to grow 16.1 per cent annually through 2022. Chalet operates the Marriott-branded Renaissance at Powai with 600 keys, making it the largest in the city. It is being upgraded to The Westin soon. It also operates The Westin in Hyderabad with 427 rooms, and the Lakeside Chalet in Powai (Marriott Executive Apartments) with 173 suits; The Westin in Hyderabad with 170 rooms; JW Marriott near Mumbai airport with 588 rooms; the 391-keys Marriott in Bengaluru; Four Points by Sheraton in Navi Mumbai with 152 keys and the upcoming 260-room Hyatt Regency at Navi Mumbai and the Accor group-branded Novotel in Pune with 223 keys. It will be adding 88 more keys to the Pune property, which was its first acquisition for Rs 176.8 crore. During the December quarter, Chalet reported a 134 per cent spike in net income at Rs 33.3 crore on an income of Rs 284.7 crore, up from Rs 255 crore, as its RevPAR (revenue per room) growth doubled to 9.9 per cent. Chalet, which went public last February with a public issue, also owns co-located non-hotel real estate assets in Bengaluru and Mumbai, said Sethi. Chalet stocks closed down 2.2 per cent at Rs 339.45 on BSE on Thursday with an m-cap of Rs 6,958.73 crore, making it the second largest in terms of market value against Taj's Rs 16,650 crore, EIH's Rs 887.55 crore and Lemon Tree's Rs 4,919.6 crore. BEN ABMABM

You Searched For "JW Marriott Pune" and got 3 results

New age farmers are selling exotic vegetables - a major boost to the food service sector

BI India Bureau

Ventive Hospitality files papers with Sebi to raise Rs 2,000-cr via IPO

PTI

Chalet Hotels plans to take margins to 45 pc on luxury expansion

PTI

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