ITC Demerger: Price Discovery for ITC Hotels

ITC Demerger: Special Session Held to Discover ITC Hotels Share Price

By Nishang Narayan

Published on January 7, 2025

In a landmark move, ITC Ltd has begun its long-awaited demerger of ITC Hotels, with BSE and NSE conducting special pre-open trading sessions today to facilitate price discovery for the hotel business. This strategic restructuring allows ITC Hotels to operate independently, focusing exclusively on hospitality.

During the session, ITC Hotels' share price will be computed using ITC Ltd's closing and adjusted prices, incorporating a 1:10 demerger ratio. Analysts predict the shares to list between ₹150 and ₹200, with some forecasts suggesting a range of ₹200 to ₹300 based on valuations and growth prospects.

As of today, ITC Ltd's 36 lakh shareholders will receive one ITC Hotels share for every 10 ITC shares held. While ITC Hotels shares won’t officially list yet, a dummy ticker will represent the stock on indices like Nifty and Sensex until formal listing in a few weeks.

ITC retains a 40% stake in the demerged entity, with the remaining 60% distributed among shareholders. Analysts from Ambit Capital and Nomura see this as a step toward value unlocking, with ITC Hotels poised to capitalize on India's luxury hospitality sector. Asset-light models and a pure-play focus will drive future growth and profitability.

ITC’s stock price is expected to adjust downward by ₹22–₹25 due to the demerger. Experts believe this could be a temporary dip, providing an opportunity for retail investors to accumulate shares of ITC Hotels. Meanwhile, ITC Ltd aims to sharpen its focus on its high-margin FMCG business, which has seen substantial EBITDA growth.

Nomura analyst Mihir P Shah remarked, "The demerger unlocks significant value, allowing ITC Hotels to access equity and debt markets for future growth while benefiting from India's luxury hospitality sector’s re-rating."

While ITC shares ended last week at ₹482 on the BSE, underperforming over the past year, this demerger sets the stage for a potential re-rating as ITC pivots toward a leaner business model with enhanced focus on profitability.

(Disclaimer: The views and opinions expressed by experts are their own and do not represent the views of Hospitality News India.)

True Palate Hospitality Targets 50 Outlets and ₹1,000 Crore Revenue by 2030

By Manu Vardhan Kannan

Published on October 31, 2026

True Palate Hospitality, the company behind One8 Commune, Neuma and Pincode, is targeting 50 outlets and revenue of ₹900–1,000 crore by 2030. With around 20–22 outlets currently operating across India and international markets, the company plans to expand its restaurant portfolio over the next five years with a planned investment of ₹30–40 crore.

As part of its expansion plans, One8 Commune has signed projects in Guwahati, Dehradun and Raipur. The Guwahati outlet will mark the brand's entry into Northeast India. Pincode is also preparing to expand its domestic presence, with signed projects in Surat and Ahmedabad. Meanwhile, Neuma is exploring further opportunities, including a potential location in Goa. The company is also evaluating markets where its existing brands have shown promising performance.

True Palate Hospitality recorded revenue growth of more than 40% during its earlier expansion phase between 2022 and 2024. Its current year-on-year growth stands at approximately 15–20%. Going forward, the company plans to focus on carefully selecting markets, strengthening its teams and improving operational capabilities to support long-term growth.

Commenting on the expansion plans, Vartik Tihara, Co-Founder and Director, True Palate Hospitality, said, "Our ambition is to build a portfolio of hospitality brands that can grow across markets while retaining a distinct identity and a strong connection with their audiences. We are targeting 50 outlets over the next five years, with a revenue ambition of ₹900–1,000 crore by 2030. Our focus is on expanding our existing brands in a way that makes commercial sense, identifying the right markets and ensuring that each format has room to grow. We see opportunities across both established and emerging dining destinations, and our priority is to scale thoughtfully while building a sustainable business."

The planned investment of ₹30–40 crore will support new outlet development and strengthen the company's operational and leadership capabilities. Markets such as Goa, Surat and Ahmedabad are among those being considered for further expansion as the company looks to balance growth with commercial viability.

Aditi Tihara, Senior Vice President, True Palate Hospitality, highlighted the importance of operational readiness as the company enters new markets. She said, "Scaling a hospitality business requires much more than opening new locations. Every expansion involves identifying the right talent, training teams, establishing robust operating processes and ensuring that the experience associated with each brand translates consistently on the ground. One8 Commune, Neuma and Pincode each have a distinct identity, audience and operating model, and our approach must reflect those differences while maintaining the standards guests expect. As we enter new markets, our priority is to build the operational capabilities that allow us to grow sustainably, maintain quality across locations and keep the guest experience at the centre of every decision."

The company is also considering a combination of company-owned outlets and franchise-led models for future growth. The approach will depend on individual projects, market conditions and commercial viability, allowing True Palate Hospitality to manage its investments while expanding its brands across different markets.

Beyond restaurants, the company is developing its experiential entertainment offering through Commune Circus, a hospitality-led intellectual property that brings curated entertainment experiences to its outlets. The initiative features personalities from cricket and the entertainment industry, giving guests opportunities to interact with them in an intimate setting. The tour has travelled across One8 Commune locations in Aerocity, Delhi; Juhu, Mumbai; Goa; and Golf Course Road, Gurugram.

With its focus on expanding its restaurant portfolio, strengthening operations and exploring new business models, True Palate Hospitality is working towards its 2030 targets while building on the distinct identities of One8 Commune, Neuma and Pincode.

Heritage River Journeys Orders Two Luxury Cruise Vessels for the Brahmaputra

By Manu Vardhan Kannan

Published on October 31, 2026

Heritage River Journeys Private Limited has placed a repeat order with Hooghly Cochin Shipyard Limited (Hooghly-CSL) for the construction of two luxury river cruise vessels, each featuring 40 suites. Valued at approximately ₹250–300 crore, the order marks another step in the company's long-term investment in India's luxury river cruise and inland waterway infrastructure.

The contract was signed at SAGARMANTHAN in New Delhi on October 29, 2026, in the presence of Hon’ble Union Minister of State for Ports, Shipping and Waterways Shri Shantanu Thakur and distinguished international dignitaries. Heritage River Journeys was represented by its Founder, Mr. Raj Singh, and Chief Operating Officer, Mr. Vineet Arora.

The latest order follows a commitment made by Raj Singh to Assam Chief Secretary Ravi Kota, IAS, in July 2026 to invest ₹500 crore in the Brahmaputra. It also builds on an earlier vessel order placed in June 2025, reflecting the company's continued focus on developing a modern fleet designed specifically for India's rivers. The two new vessels are scheduled for delivery in June 2029 and June 2030, respectively, and will operate on the Brahmaputra River.

As interest in experiential travel, destination-led tourism and river journeys grows, investments in cruise infrastructure can support India's wider tourism ecosystem. These developments have the potential to create local employment, strengthen hospitality services, support destination development and benefit businesses connected with tourism and inland waterways. Through this repeat order, Heritage River Journeys aims to expand luxury river cruising in India while contributing to the infrastructure required to unlock the tourism potential of the country's rivers.

Building a Legacy of River Cruising in India

Heritage River Journeys began its river cruising journey with the launch of Bengal Ganga in 2008 under the aegis of Antara Cruises. Since then, the company has expanded its fleet to include Bengal Ganga, Ganges Voyager I, Ganges Voyager II and Ganga Vilas. The landmark itinerary of Ganga Vilas was inaugurated by Prime Minister Shri Narendra Modi.

The company has also expanded into private luxury and wildlife experiences with Nauka Vilas on the Hooghly River and four luxury catamaran yachts in Bhitarkanika National Park, Odisha. The latest order reinforces Heritage River Journeys' long-term commitment to expanding its fleet and strengthening India's position as a destination for luxury river cruising.

IHCL's Tree of Life Amoravida Opens Its Doors in North Goa

By Manu Vardhan Kannan

Published on October 30, 2026

Indian Hotels Company (IHCL), India's largest hospitality company, has announced the opening of Tree of Life Amoravida in North Goa. The 66-key boutique resort offers guests a quieter setting to explore Goa, bringing together nature, local culture and leisure.

Located amidst green surroundings and the region's natural landscape, Tree of Life Amoravida follows the brand's focus on intimate stays rooted in their destinations. The resort caters to travellers looking to explore Goa at their own pace while enjoying a relaxed stay away from the busier parts of the region.

Commenting on the opening, Deepika Rao, Executive Vice President – Select Service Business, IHCL, said, "Travellers today want stays that let them absorb a destination at their own rhythm. This shift towards slow travel shapes everything we do at Tree of Life, where each resort is intimate by design and rooted in its locale. Tree of Life Amoravida brings this philosophy to a quieter, lesser-seen side of Goa."

The resort offers a range of dining and leisure options for guests. Appetite, its all-day dining restaurant, serves a selection of cuisines, while Aura Bar provides an open-to-sky rooftop terrace where guests can unwind. The property also features a swimming pool for relaxed afternoons and a well-equipped fitness centre for those who want to maintain their workout routines during their stay. For celebrations and special occasions, Tree of Life Amoravida offers indoor and outdoor venues suited to social gatherings and private events.

Beyond the resort, guests can explore trails through the Goan hinterland, spend time by the water and discover local traditions. These experiences bring together the region's natural surroundings and cultural character, offering visitors a more personal way to experience Goa. With its boutique setting, dining options and focus on destination-led experiences, Tree of Life Amoravida adds another stay option to North Goa for travellers seeking a slower and more relaxed holiday.

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ITC Demerger: Special Session Held to Discover ITC Hotels Share Price

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True Palate Hospitality Targets 50 Outlets and ₹1,000 Crore Revenue by 2030

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Heritage River Journeys Orders Two Luxury Cruise Vessels for the Brahmaputra

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IHCL's Tree of Life Amoravida Opens Its Doors in North Goa

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