ITC Limited, an Indian conglomerate company headquartered in Kolkata, announced the launch of ITC Narmada, a premium luxury hotel, in Ahmedabad. Sources suggest that the group has invested around USD 75.5 Million to set up its 12th property. The premium luxury hotel which is slated to have 19 storeys and 291 rooms was inaugurated by the chief minister of the Indian state of Gujarat, Bhupendra Patel. ITC Narmada is said to be the stat’s first property which has a LEED Platinum certification for environment and sustainability parameters.
We believe that a better tomorrow starts with the changes we make today. #ITCNarmada is the first luxury hotel in #Gujarat to be awarded the LEED Platinum certification by U.S. Green Building Council. #OpeningSoon #Ahmedabad #GrandeurOfGujarat pic.twitter.com/KbmT2ZgBe8
— ITC Hotels (@ITCHotels) August 3, 2022
Sanjiv Puri, group chairman and managing director of ITC Limited, recently announced a cumulative investment of Rs 1,000 crore in the state of Gujarat which includes a new hotel and other projects which also includes a packaging plant. Sanjiv Puri said, “We will soon operationalise a packaging facility at Nadiad. Besides, a few other small-time projects in the manufacturing sector will also be executed here.”
Commenting on the hospitality sector and how it got affected during the pandemic, Mr Puri said, “During the pandemic hospitality sector was impacted. But this sector has now demonstrated robust growth and revival. Since the third quarter of last year, the recovery has been clearly visible.” Mr Puri also mentioned that inbound travel and tourism was yet to be fully stabilised, but he was optimistic and said that it was a good time for the hospitality sector.
Mr Puri also spoke on concerns related to inflation caused by supply chain disturbances due to geopolitical situations. He said, “Primarily, it has impacted on our FMCG business as we buy these commodities. Because of the high inflation, there is bound to be some impact on volumes.”
Our gratitude to Shri Bhupendrabhai Patel, Hon’ble Chief Minister of Gujarat, for kindly inaugurating ITC Narmada luxury hotel in Ahmedabad, in the presence of ITC Chairman Shri Sanjiv Puri and Shri Nakul Anand, Executive Director.@Bhupendrapbjp @CMOGuj @ITCHotels pic.twitter.com/vdqG5uZjWH
— ITC Limited (@ITCCorpCom) August 10, 2022
He also added, “Given the extent of inflation and its pressure on costs, it is not possible to manage it with whatever efficiencies we can bring in. First we will try to manage this by internal efficiencies and passing on costs will be the last option.”
The ITC group chairman assured that ITC investments were on track without getting hampered due to the market disturbances.
Sources claim that the packaging plant will have a manufacturing capacity of 70 million sheets per annum. There are also speculations that the Indian conglomerate will start four more manufacturing facilities in India in coming days including agro-food processing units, a spice production unit and one for nicotine and nicotine derivatives.
