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EIH to focus more on managing properties (Lead)
Kolkata, Aug 1 (IANS) Hospitality major EIH Ltd, which is intending to be “asset light”, will focus on managing properties more rather than owning them, an official said here on Wednesday.
“We own too much real estate. We had taken a decision that we should also try managing hotels. Major hotel companies do not own too many properties. We wish to be asset light,” company’s Executive Chairman P.R.S. Oberoi said.
He also said the ratio between owned, substantially owned and managed hotels in the company was 70:30 and the proportion of managed hotels would increase. Oberoi, however, clarified that the hospitality major would continue on building hotels in future along with focus on managing properties of others.
“We got properties in Bengaluru, Goa, extra land in Agra. It does not stop us doing our own projects,” he said.
According to him, the company has a very “low debt of Rs 500 crore”.
He also said The Oberoi, New Delhi re-opened after 18-month renovation and restoration, three months ahead of schedule.
The Oberoi, Marrakech is in the final phase of completion and is scheduled to open in the first quarter of 2019 and the construction of The Oberoi, Doha is currently underway, he told shareholders at the 68th Annual General Meeting here.
He also said management contracts were signed recently for a luxury hotel and a Trident hotel located on Koh Tan Island in Thailand.
A luxury wildlife resort on the edge of Massai Mara National Reserve, Kenya is under planning and this will be located on a 5,000 acre site and is scheduled to open in first quarter of 2020, he said.
He also said its planned hotel project in Navi Mumbai is currently “on hold” as the project is still awaiting environmental approval from the government.
Speaking on the new indirect tax rate, he said, “The GST for hotels charging Rs 7,500 or more is 28 per cent. Most international travellers are accustomed to much lower GST in other Asian countries. GST at the rate of 28 per cent will, undoubtedly, affect travel and tourism to India.”
“The hospitality industry has made several representations to the government in this regard. We hope there will be reduction in GST for hotels in the immediate future,” he said.
He also said 50 rooms would be added with an estimated cost of Rs 100 crore in its oldest-owned property Oberoi Grand in Kolkata.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.