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Union Minister of State for Food Processing Industries, <keyword id="2627479" type="General" weightage="80" keywordseo="prahlad-singh-patel" source="Orion">Prahlad Singh Patel</keyword> on Thursday said that the Centre will encourage and promote not just the production of millets but also processed millet products for the global market. "Next year, i.e. 2023, is the International Year of Millets. <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> produces 40 per cent of world's millets. Our government has made tremendous efforts to promote millets and not just for production but also for processed millet foods for supplying to international markets," Patel told mediapersons. Patel was speaking on the sidelines of the first Plant-Based Foods Summit organised by Ministry of Food Processing Industries (MoFPI), Agriculture &amp; Processed Food Products Export Development Authority (<keyword id="60672" type="General" weightage="80" keywordseo="apeda" source="Orion">APEDA</keyword>), and Plant Based Foods Industry <keyword id="6356105" type="General" weightage="80" keywordseo="association" source="Orion">Association</keyword> (<keyword id="14035967" type="General" weightage="80" keywordseo="pbfia" source="Orion">PBFIA</keyword>). In his speech, he batted for millets and spoke of the parameters and enabling factors by APEDA for millets and plant-based food and such processed food. "Our Ministry has been allotted over Rs 10,000 crore for promotion of this kind of food. The only condition is that the company should be Indian," Patel said, and gave example of several traditional Indian food items that just "need to be validated by scientific documentation of traditional practices". "India has traditionally been a supporter of plant-based food. It has been our strength," the Minister said and assured support for the plant-based industry. <keyword id="118292" type="General" weightage="80" keywordseo="sanjay-sethi" source="Orion">Sanjay Sethi</keyword>, Exective Director of PBFIA, appealed to the animal-based food industry "to not look at us as competitors but rather as a younger brother" and also suggested hand-holding for the nascent industry. With sustainability and human health as key driving forces behind the activities of the Association, the foremost aim of PBFIA is to make plant-based foods mainstream while providing new avenues for economic growth. <keyword id="14035966" type="General" weightage="80" keywordseo="inoshi-sharma" source="Orion">Inoshi Sharma</keyword>, Executive Director, <keyword id="154680" type="General" weightage="80" keywordseo="fssai" source="Orion">FSSAI</keyword>, pointed to the increasing disconnect with India's traditional food items, which is evident much more in urban areas. "If I say, I am eating roti and <keyword id="863602" type="General" weightage="80" keywordseo="baingan-bharta" source="Orion">baingan bharta</keyword>, I am looked down upon. But the moment I say, I am having baba ganoush and pita bread, I am cool. Why are we going away from our own food?" <keyword id="445" type="General" weightage="80" keywordseo="sharma" source="Orion">Sharma</keyword> also assured full support from FSSAI. Rachel Dreskin, CEO, Plant Based Food Association, US, drew attention to the main reasons for promoting plant-based food: environmental benefit vis-a-vis reduction of green house gases; human health and social justice. The event also saw the launch of a pertinent report, 'The Dawn of a Plant-Based Age: India to Lead the Way to World Food Security and Nutrition'. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/india/news/tomatoes-brinjal-and-green-vegetable-prices-soar-and-will-keep-going-up-due-to-rains/articleshow/91802500.cms">Tomatoes, brinjal and green vegetable prices soar and will keep going up due to rains</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/science/environment/news/an-israeli-company-has-partnered-with-an-indian-company-to-locally-produce-a-machine-that-generates-drinking-water-from-air/articleshow/91791365.cms">To help fight water scarcity, a machine that produces drinking water from air has been launched in India</a>

With 2023 as the 'International Year of Millets', India all set to promote millet products in global market

IITs rank fourth among popular universities globally which have produced unicorn founders, according to a report by Sage, a UK-based accounting and payroll company. 
 
In its study “Unicorn League”, the company has recently examinef what these $1 billion companies have in common, the schools which breed the most founders etc. 
 With 51 unicorn founders, <keyword id="33081" type="ORGANIZATION" weightage="20" keywordseo="Stanford">Stanford</keyword> tops the chart followed by Harvard (37 founders). 
 At fourth position are IITs with 12 unicorn founders that include <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> and <keyword id="6364080" type="PERSON" weightage="20" keywordseo="Binny-Bansal">Binny Bansal</keyword> (<keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>), Abhay Singhal (InMobi), Ankit Bhati and <keyword id="1543567" type="COMPANY" weightage="20" keywordseo="Bhavish-Aggarwal">Bhavish Aggarwal</keyword> (Ola), <keyword id="476451" type="UNKNOWN" weightage="20" keywordseo="Deepinder-Goyal">Deepinder Goyal</keyword> (Zomato), <keyword id="1003724" type="PERSON" weightage="20" keywordseo="Jyoti-Bansal">Jyoti Bansal</keyword> (AppDynamics), K.V. Rao (<keyword id="2021781" type="COMPANY" weightage="20" keywordseo="Zuora">Zuora</keyword>), Pankaj Chaddah (Zomato), <keyword id="396598" type="PERSON" weightage="20" keywordseo="Rohit-Bansal">Rohit Bansal</keyword> (<keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword>) and <keyword id="118292" type="PERSON" weightage="20" keywordseo="Sanjay-Sethi">Sanjay Sethi</keyword> (ShopClues.com). 
 
The study also found that 94% of founders were male, while only 30 of the 498 founders were female. 67% of unicorns were created by co-founders and 33% by single founders. For 60% of the founders, their current unicorn is the first and only company they’ve built. 
 
Also, those who founded more than one company have, on average, a 34.5% higher valuation than those who founded just one company ($4.29 billion versus $5.88 billion). 
 
The US has the most unicorn headquarters (144), followed by China (47) and India (10).The UK (9) leads the pack in Europe, followed by Germany (6). California (95) boasts the most headquarters, followed by New York (19) and Beijing (18). Consumer Internet (49) is the most common unicorn sector, ahead of software (48), e-commerce (37), financial services (22) and healthcare (18).

IITs stand fourth among popular universities globally which have produced Unicorn Founders: Report

If you are an aspiring entrepreneur or a wantrepreneur equipped with a dream to create a billion-dollar business in India, one of the IITs is your best bet. 
 Unicorns are <keyword id="6362513" type="ORGANIZATION" weightage="20" keywordseo="Startups">startups</keyword> with more than a billion-dollar valuation and the IITs have produced 12 unicorns. 
 
Sage, a UK-based accounting, and payroll company stated this in a research and reinstated the belief that the premier institution is still numero uno for attaining success. 
 
In terms of countries that are home to the most number of unicorns, US tops the list with 144 unicorns, followed by China with 47. India grabbed the third spot with 10. 
 
<a href="http://www.businessinsider.in/what-should-indian-start-ups-hope-for-in-budget-2017/articleshow/56893271.cms">ALSO READ: What should Indian startups hope for in Budget 2017</a> 
 
In the study that lists universities that have produced the most unicorn founders, the Indian Institutes of Technology (IITs) bagged the fourth spot. 
 US-based <keyword id="101399" type="ORGANIZATION" weightage="20" keywordseo="Stanford-University">Stanford University</keyword> claimed the top rank with 51 unicorn founders, followed by <keyword id="97117" type="ORGANIZATION" weightage="20" keywordseo="Harvard-University">Harvard University</keyword> with 37. 
 The <keyword id="73593" type="ORGANIZATION" weightage="20" keywordseo="University-of-California">University of California</keyword> came third with 18 unicorn founders and <keyword id="6354859" type="COMPANY" weightage="20" keywordseo="IIT">IIT</keyword> followed with 12 founders. 
 India is home to 10 unicorn companies from e-commerce giants <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword> and ShopClues to cab aggregator Ola, restaurant aggregator Zomato, classified ads platform Quickr, digital payments company <keyword id="6357120" type="UNKNOWN" weightage="20" keywordseo="PayTM">Paytm</keyword>, mobile ad tech player InMobi, messaging app Hike and analytics company Mu Sigma. 
 Within the various IITs, it is Delhi that produced the maximum unicorn founders. <keyword id="6354867" type="CITY" weightage="20" keywordseo="Sachin">Sachin</keyword> and <keyword id="6364080" type="PERSON" weightage="20" keywordseo="Binny-Bansal">Binny Bansal</keyword> of Flipkart, <keyword id="118292" type="PERSON" weightage="20" keywordseo="Sanjay-Sethi">Sanjay Sethi</keyword> of ShopClues, Zomato founders <keyword id="476451" type="UNKNOWN" weightage="20" keywordseo="Deepinder-Goyal">Deepinder Goyal</keyword> and Pankaj Chaddah, Snapdeal's <keyword id="396598" type="PERSON" weightage="20" keywordseo="Rohit-Bansal">Rohit Bansal</keyword> and Quikr's <keyword id="1063538" type="PERSON" weightage="20" keywordseo="Pranay-Chulet">Pranay Chulet</keyword> and <keyword id="2124885" type="UNKNOWN" weightage="20" keywordseo="Jiby-Thomas">Jiby Thomas</keyword> (now founder of <keyword id="4123624" type="UNKNOWN" weightage="20" keywordseo="webbutterjam-digital">Webbutterjam Digital</keyword>) are all products of <keyword id="57604" type="CITY" weightage="20" keywordseo="iit-delhi">IIT Delhi</keyword>. 
 
<a href="http://www.businessinsider.in/exclusive-what-moms-want-from-the-budget-2017/articleshow/56872243.cms">ALSO READ: Exclusive: What moms want from the Budget 2017</a> 
 Ola's founders <keyword id="1543567" type="COMPANY" weightage="20" keywordseo="Bhavish-Aggarwal">Bhavish Aggarwal</keyword> and <keyword id="2412264" type="UNKNOWN" weightage="20" keywordseo="Ankit-Bhati">Ankit Bhati</keyword> went to IIT Bombay. 
 Inmobi's founders Naveen Tiwari, Abhay Singhal and <keyword id="75744" type="PERSON" weightage="20" keywordseo="Amit-Gupta">Amit Gupta</keyword> studied at IIT Kanpur while their co-founder <keyword id="2682435" type="PERSON" weightage="20" keywordseo="Mohit-Saxena">Mohit Saxena</keyword> went to IIT Roorkee. 
 
<a href="http://www.businessinsider.in/take-a-tour-of-oyo-rooms-attractive-new-property-townhouse/articleshow/56781794.cms">ALSO READ: Take a tour of OYO's attractive new property: OYO Townhouse</a> 
 
According to the study, for over 60% of the founders all over the world, the current unicorn company was the only company they had ever built. However, indicating that experience literally pays, the research said those who founded more than one company have, on average, a 34.5% higher valuation than those who founded just one company ($4.29bn vs $5.88bn).

The IITs are the fourth largest producer of unicorn startups in
the world

<keyword id="6357066" type="UNKNOWN" weightage="20" keywordseo="ShopClues">ShopClues</keyword>.com, India’s largest marketplace for small medium businesses (SMBs), has raised investment worth $100 million. The new round of investments was led by <keyword id="526777" type="UNKNOWN" weightage="20" keywordseo="Tiger-Global">Tiger Global</keyword>, one of the largest global institutional investors. 
 <keyword id="118292" type="PERSON" weightage="20" keywordseo="Sanjay-Sethi">Sanjay Sethi</keyword>, chief executive officer (CEO) and co-founder, ShopClues said, “So far we have brought 100,000 sellers and 10 million products online and the next three years will be focused on bringing 10 million sellers and 1 billion products to the online domain. We will continue to build Technologies &amp; services to enable and empower retailers to participate in the e-commerce revolution that is happening in India. ShopClues levels the playing fields for SMBs to compete with other organized retailers both in the online and offline space, said Sethi.” 
 
Lee Fixel from Tiger Global said in a statement, “ShopClues has emerged as the leading marketplace of choice for the millions of small and local businesses seeking to reach mass consumers in India’s tier two and tier three cities. Sanjay, Radhika and the team have done a great job aggregating the country’s largest online catalog of regional and local brands and we are excited to partner with ShopClues as it expands its offerings.” 
 
Elaborating about the deal, Radhika Ghai Aggarwal, co-founder, ShopClues said, “In Tiger Global, we found a strategic partner who showed confidence in our capability to operate the country’s largest marketplace for the masses – be it the millions of small merchants wanting to sell online or the vast pool of shoppers in tier 2/3 towns looking for access to the products and categories that they never had before. The fact that another ace investor has been added to our list of institutional investors is a strong endorsement of our team, strategy and business performance.” 
 
ShopClues was set up in 2011 as the country’s first fully managed marketplace. At present, ShopClues has 1.5 million transactions per month. More than 70% of its transactions come from tier two and three cities. ing about 40 million monthly visitors, it is growing by 600% year-on-year.

ShopClues.com Bags $100-million Investment

New Delhi, Jan 18 () Chalet Hotels on Saturday said it has signed a share purchase agreement (SPA) to acquire Belaire Hotels Pvt Ltd -- owner of Novotel Hotel in Pune -- and its affilate entity SHPL for an aggregate enterprise value of around Rs 290 crore.
The completion of the transaction is subject to fulfillment of certain conditions precedent as agreed in the SPA, Chalet Hotels said in a filing to the BSE.
The Novotel hotel is operated by AAPC India Hotel Management Pvt Ltd (part of Accor Group) under a management agreement, it added
With this new relationship, Chalet marks the beginning of its tie-up with Accor, one of the largest global hospitality players with significant presence in India with key brands such as Fairmont, Sofitel, Novotel and ibis amongst others, Chalet Hotels said. 
Commenting on the development, Chalet Hotels MD and CEO Sanjay Sethi said, "This move is in line with our growth strategy of strengthening and expanding our portfolio to new geographies with strong demand potential."
The company believes that Pune is an attractive market and has sizeable commercial office development, resulting in strong hotel demand dynamics, he added.
"We look forward to working with the very capable management team of Accor to turn around this hotel through capacity enhancement and aggressive growth in market share," Sethi said. AKT MKJ

Chalet Hotels inks pact to acquire Belaire Hotels for enterprise value of Rs 290 cr

Mumbai, Apr 7 () State-run Ju Port Trust (JNPT) on Tuesday said it is contributing Rs 16.40 crore as CSR fund along with one-day salary of employees to Prime Minister's relief fund as a part of its contribution to the fight against COVID-19 pandemic. JNPT hospital also set up an 18-bed quarantine centre to cater to persons requiring to be observed for the disease, especially seamen, it said in a statement. Besides, JNPT officers' club has also been converted into a 20-bedded JNPT COVID-19 isolation facility."Coronavirus is one of the biggest challenges that our economy is facing. The perseverance of our employees and the support of all stakeholders over the last couple of weeks, shows our commitment towards ensuring that trade doesn't come to a standstill. We are contributing Rs 16.4 crore as CSR fund and employees' one day's salary to PM CARES fund," its chairman Sanjay Sethi said. The number of COVID-19 confirmed cases in the country has crossed 4700 and death toll as risen to more than 120.The port has also provided accommodation for the staff of terminals and drivers in its township, apart from free bus service for the staff of essential services stakeholders for movement in the port area and CFSs, empty yards along with the drivers being provided with meal packets and water at the parking plazas."JNPT has also taken some proactive measures at its container terminals and extended reliefs to the trade including not levying dwell time charges for all import containers moved by road which were discharged from March 22 till April 14, to support port users and end users," he said.JNPT has also waived shifting charges for import containers for which change of mode activity (from truck to rail) is performed to facilitate movement of CFS/DPD containers by rail and delivery of DPD containers will be allowed from terminals beyond the 48 hour period.The Port is also carrying out extensive community disinfectant spraying and sanitation drive in all its nearby villages too to help put a strong fight against COVID 19, Sethi said. PSK MR

JN Port Trust contributes Rs 16.4 cr, 1-day employee salary for COVID relief work

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

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

<ul><li>EIH Hotels which operates the Oberoi, Trident chain as well as one of Delhi’s oldest hotels – Maiden, has seen its stock price battered since late February. </li><li>Chalet Hotels, which runs – Marriot, Hyatt and Novotel in India, saw its profits jump three times in Q4FY20 but even then the market fears saw its share price down by 2% on June 9.</li><li>The hospitality, travel and tourism industry being severely impacted due to the coronavirus pandemic.</li></ul>From Oberoi to <keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword>, the Indian hospitality industry opened doors for business on June 8, but the market is still skeptical of people booking rooms. The latest trigger for panic selling in the shares of hotel stocks came was the delay in declaration of earnings by EIH, which operates the Oberoi, Trident chain as well as one of Delhi’s oldest hotels – Maiden. <div type="image" title="EIH shares." msid="76281467" hostid="261"></div> However, EIH is not alone. Chalet Hotels, which runs the premier hotels – Marriot, Hyatt and Novotel in India, saw its profits jump three times to ₹42 crore in the quarter ended March 31. However, even then the market fears saw its share price down by 2% on June 9. With the hospitality, travel and tourism industry being severely impacted due to the coronavirus pandemic, almost all of India’s listed hotels have seen their share price tumble since February. “It is well known that the hospitality and tourism industry is the worst affected by the outbreak of COVID19 (coronavirus). This has been reflected in the stock prices of hospitality stocks, which have declined by 62% to 82% from their 52 week highs,” said a report by Nirmal Bang on the hospitality sector dated June 2. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hotels </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Share price change since the beginning of 2020 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chalet Hotels </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-53% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EIH Hotels </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-48.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian Hotels Company Limited </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-37.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lemon Tree Hotels </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-60.4% </td></tr></tbody></table> India’s hotels were shut for almost three months due to the coronavirus lockdown, and only some opened up as quarantine centres for international returnees in May. Sanjay Sethi, MD &amp; CEO, Chalet Hotels while announcing initiatives like sanitized stay, deferred hotel construction said they will help in the near mid-term revival. “With the new regulations to open up the economy we are gearing‐up our portfolio for a quick scale up and eagerly waiting to welcome our guests,” said Sanjay Sethi, MD &amp; CEO, Chalet Hotels. However, the optimism of the hotel industry still faces a challenge – whether travel will actually resume anytime soon. With work from home and video conferencing being the new norm, business travel could be impacted. “Leisure demand will likely be the first to bounce back. Domestic corporate travel will depend on the economy,” said a recent report by STR realty. And the economy isn’t looking good. <div type="Article" hostid="261" msid="76274381" title="World Bank projects global economy to shrink by 5.2% in 2020" mstype="2" mssubtype="0"></div> For leisure travel, hoteliers are excluding ‘airline travel’ and are looking at weekend getaway spots or ‘<a href="https://www.businessinsider.in/business/news/oyo-mahindra-holidays-emirates-and-boeing-agree-people-wont-fly-for-a-while/articleshow/75731204.cms">driving destinations</a>’ as India opens its state borders. The hope for budget hotels Corporates, who are cutting down costs, could now turn to budget hotels that they consider safe and hygienic. And that’s what budget hotels like Lemon Tree, OYO, <keyword id="2870818" type="PERSON" weightage="20" keywordseo="FabHotels">FabHotels</keyword> are betting on. OYO Hotels &amp; Homes, FabHotels have all launched a spree of initiatives for sanitized and clean hotels to bring in consumers. “It has been a long wait, but we’re delighted to welcome our guests once again to our select hotels across India. All you need to do is look for a #SanitisedStay tag &amp; we’ll take care of the rest. #AtitiDevoBhava,” wrote OYO founder Ritesh Agarwal on Twitter. OYO’s rival in the budget hotels space – FabHotels too has gone in the similar route advertising “100% Safe Place to Stay” hotels. “From an economic standpoint as hotels and tourism in India have suffered unprecedented financial damage over the last 70 days, losing more than 20% of the annual business already, with a prolonged recovery expected now,” said Vaibhav Aggarwal, Founder &amp; CEO, FabHotels. SEE ALSO: <a href="https://www.businessinsider.in/business/news/parle-g-clocked-record-sales-in-may-it-may-be-because-broke-and-starving-migrant-labourers-could-barely-afford-anything-else/articleshow/76280162.cms">Parle G clocked record sales in May⁠— it may be because broke and starving migrant labourers could barely afford anything else</a> <a href="https://www.businessinsider.in/business/corporates/news/anand-mahindras-sanjivani-solution-for-cos-think-like-a-startup-and-do-a-marie-kondo-style-clean-up-of-portfolio/articleshow/76275190.cms">Anand Mahindra’s Sanjivani solution for cos – think like a startup and do a Marie Kondo style clean up of portfolio</a> <a href="https://www.businessinsider.in/business/corporates/news/titan-company-profit-revenue-growth-for-fourth-quarter-ended-march-31/articleshow/76266434.cms">Titan tightens cost enough to clock a 21% growth in profit⁠— the best in five quarters</a>

The owner of Oberoi and Trident defers results triggering a sell-off in India's hotel stocks

New Delhi, Mar 14 () Hospitality firms around the world including global hospitality Major Marriott International are taking a slew of measures to control the spread of coronavirus and are working on taking care of their guests and associates. Marriott International said it is taking care of its guests and associates as it faces the challenge of responding to the coronavirus which has been declared pandemic. "Please know that we are vigilantly monitoring the COVID-19 situation around the clock and have precautions in place to ensure a healthy stay at any of our hotels across the globe," Marriott International President and CEO Arne Sorenson said in an email message to Marriott Bonvoy programme members. In this climate, "we know travel may not be your first thought, but I want you to know the safety of our guests and associates is our top priority," he added. Marriott is closely monitoring the World Health Organization, the Centers for Disease Control and Prevention, and local health agencies for the latest developments related to COVID-19 and following the guidance of government and public health officials, Sorenson said. "We are reinforcing these agencies' recommendations on the appropriate health and safety measures with our own hotel management teams and the hotel operators in our portfolio," he added. Marriott hotels around the world are working to ensure that they meet the latest guidance from the CDC and WHO on hygiene and cleaning, Sorenson said. "Our hotels' health and safety measures are designed to address a broad spectrum of viruses, including COVID-19, and cover everything from handwashing hygiene and cleaning product specifications to guest room and common area cleaning procedures," he added. Given the impact of COVID-19 Marriott has been adapting its cancellation policy over the past several weeks to the evolving nature of this epidemic and it is updating the policy to provide customers the most flexibility it can offer during these challenging times, Sorenson said. Expressing that it is also taking all steps to ensure safety of its guests and employees, Chalet Hotels said it is tackling situation diligently. "The prime concern is the health and safety of our guests and employees. We have put in place strict measures to monitor and undertake any preventive action, where necessary," Chalet Hotels MD &amp; CEO Sanjay Sethi said. Avani Hotels &amp; Resorts also said that it is closely monitoring the global situation and is actively taking steps to mitigate the impact and spread of COVID-19. "Our greatest priority is that our guests and team members feel safe and secure at our hotels," Minor International Group CEO Dillip Rajakarier said. On the steps being undertaken, Rajakarier said, everyone, including guests and team members, has easy access to health stations with handwipes, hygiene gel and temperature readers. All team members undergo temperature screening each day to ensure a healthy work environment. All public areas, as well as the back-of-house, are regularly and thoroughly cleaned to the highest standards, paying special attention to high-touch areas such as door handles among others, he added. AKT MRMR

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