Kolkata Mar 30 PTI The hotel industry in the country which bore the brunt during the COVID-19 pandemic is on the path of recovery with higher occupancy increased average room rates ARR and spurt in merger and acquisition deals a study said on WednesdayDomestic leisure travel is the driving force behind the road to recovery coupled with an increase in business travel and with most organisations gradually resuming to a full or hybrid work-from-office model it saidIn 2021 the occupancy was 42-45 per cent and the average room rate was Rs 4300-4600 which was higher than 2020 but less by 25-28 per cent compared to 2019 levels it saidWe expect India-wide occupancy to improve to 66 per cent in 2022 along with a 28 per cent increase in ARR during the year We expect occupancy average room rates to return to pre-pandemic levels by the end of CY22 calendar year and by mid-CY23 respectively HVS ANAROCK president South Asia Mandeep Singh Lamba said in the reportThe year 2022 started on a challenging note with subdued demand in the first few weeks because of rising Omicron cases in the country and the accompanying travel constraints across states the HVS ANAROCK hotel sector report saidHowever this has been a temporary stumbling block as domestic travel demand is making a strong comeback since the cases subsided and travel limitations were liftedDomestic leisure travel drove the recovery throughout the year additionally weddings and social events as well as the resurgence of small-to-medium-sized domestic MICE events helped to stimulate hotel demand in 2021 it saidMerger acquisition deals in the hotel sector are also expected to gain pace during the year as lenders seek recourse under the National Company Law Tribunal NCLT due to an increase in non-performing assets NPAs in the sectorWe expect to see greater deal activity in 2022 and onward Due to the rapid recovery in domestic leisure demand interest in acquiring assets in leisure markets will surge especially as supply remains restricted in this segmentInvestors are likely to prefer operational assets or portfolio of assets to expand their footprint rather than greenfield or brownfield projects Also value deals where the lender and owner have both taken haircuts are the most likely to find buyers the report notedDebt rationalisation will also be a key focus area for hotel owners and operating companies will revisit their debt liabilities and strive to rationalise and reduce the same having learned the hard way during the pandemic when companies with the largest debt servicing liabilities were impacted the most and struggled for survival Anarock officials saidHowever amid strong revival alternative accommodation like homestay or villa rentals will disrupt the hospitality industry the report saidAlternative accommodations will grow exponentially as these have piqued the interest of travellers who are opting for smaller more intimate places for their getawaysAccording to HVS Anarock brand signing by 220 hotels for 17500 rooms and scheduled opening is expected for 8800 keys from 120 hotels in 2022 PTI BSM MM MM

Kolkata Jan 18 PTI Nine major trade unions have jointly written to Union Textile Minister Piyush Goyal drawing his attention to the crises plaguing the jute industry that are putting the livelihood of workers at stake In a recent letter the unions mentioned rampant lockout or suspension of work in jute mills of West Bengal and sought speedy action to protect the livelihood of mill workers growers and others associated with the industry We have sent a letter seeking Union Textile Minister Piyush Goyals intervention Bengal Chatkal Mazdoor Union general secretary Anadi Sahu told PTI The workers are in very bad shape financially in the last two years due to non-payment of wages during lockdown price rise of essential commodities and frequent lockoutsuspension of work in several mills the workers representatives said in the letter The unions that have jointly written the letter to the minister include the CITU INTUC AITUC BMS and the HMS Jute mill employers have in the meantime declared lockoutsuspension of work in a number of mills in West Bengal and thereby forced more or less one lakh workers out of employment mainly on the ground of non-availability of raw jute the price of which has been capped at Rs 6500 per quintal by the central government the letter said West Bengal Chief Minister Mamata Banerjee has also been apprised of the development The Centre had turned down the request of jute mills to revise the raw jute fair price to Rs 7200 per quintal in line with the current domestic and international prices the trade unions have always demanded monopoly purchase of raw jute directly from the jute growers through JCI or its agencies at a profitable price and canalisation to mills as per mills requirement on cash payment to ensure the smooth running of mills and supply of orders the letter read Claiming that raw jute is not lying with jute growers at the moment as they do not have hoarding capacity the unions said raw jute is therefore under the control of hoarders employers and their agents Since jute mill workers are in no way responsible for random lockout or suspension of work in mills therefore they are entitled to lay-off wages the letter said Without seeking revision of the fair raw jute price set by the Jute Commissioner the trade unions urged the government to set up a machinery by the Jute Commissioner for monopoly purchase of raw jute directly from jute growers through its agencies to combat the crisis in the future They also demanded payment of lay-off wages to all affected workers for lockoutsuspension of work and ensure payment of all dues to the workers towards provident fund gratuity and bonus PTI BSM MM MM

Kolkata Nov 25 PTI The West Bengal government and an Edtech start-up Thursday announced a strategic partnership to drive digital learning and career development programmes across the state The partnership with the start-up Schoolnet will help provide an online e-learning platform in Bengali Geneo eSekha to students from classes 5 to 10 a statement said The pupils of state-run and government-aided schools will be able to access the portal through the official website of West Bengals School Education Department The initial tie-up is for one year officials said In addition Schoolnet will be providing a multi-lingual career guidance portal to the School Education Department especially for students from Classes 9 to 12 for future career advancement The tenure is primarily for one year which is mutually extendable in the future The interactive digital learning platform covers Science Mathematics and English for students of classes 5 to 8 and English Mathematics Physical Science Life Science History and Geography for classes 9 and 10 the statement said Furthermore the latest West Bengal State Board textbooks will be presented in a digital format allowing students to re-learn what they have been taught in school Speaking about the association Goutam Maiti Vice President Schoolnet said Along with the Government of West Bengal we share a joint vision to enable every child in the state to succeed Digital learning especially among the middle and bottom of the pyramid is of utmost importance PTI BSM MM MM

Kolkata Nov 20 PTI B K Birla Group flagship Kesoram Industries board on Saturday approved to raise fund up to Rs 2500 crore to lower the cost of borrowing to replace high-cost NCDs and OCDs The company had raised about Rs 1900 crore Non-Convertible Debentures NCDs and Optionally Convertible Debentures OCDs in the past for bank debt restructuring at nearly 20 per cent interest rate through a private placement The company informed that it can raise the fresh funds by way of equity bond foreign currency floats or other instruments The company recently had a rights issue of Rs 400 crore With Rs 200 crore raised as part payment from the rights offer the working capital issue has been largely resolved officials said The remaining Rs 200 crore will be collected later they said The company is expected to be Rs 550-600 crore EBITA Earnings Before Interest Taxes and Amortisation company in FY22 And this will rerate the company in terms of borrowing capabilities the officials said PTI BSM MM MM