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Jeet B Bhayani (SEBI RA)

24th Dec · SEBI-Registered Analyst

A real estate and infrastructure company located in Rajasthan, Manglam Group, has revealed intentions to invest Rs. 1,000 crores (US$120 million) in a significant expansion of its hotel services, which would lead to diversifying into new ventures for the company. The initiative would prompt the company to invest in developing new hotels and enhance its offerings for both local and international visitors. A senior official's statement from the company has disclosed that this action is part of a larger strategy to capitalise on the growing demand for tourism in India. The company aims to create upscale hotels that offer exceptional services in response to the increasing need for high-quality choices in popular tourist destinations. The decision follows the expansion of India's hospitality sector, driven by significant demand, spurred by a surge in Indian travellers, business activities, and international tourist arrivals approaching pre-COVID figures. Manglam Group's foray into the hotel and resorts sector is anticipated to create employment opportunities and boost economic activities, particularly in Rajasthan, which heavily depends on the hospitality industry. Indeed, Manglam Group has already outlined plans to initiate projects in the upcoming years, focusing on enhancing customer experiences through state-of-the-art facilities and locations. This investment undoubtedly demonstrates Manglam Group's confidence in India's hospitality sector and its dedication to fostering growth in this market.

MGEL

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