Hospitality giant Eraaya Lifespaces has announced a significant milestone in their acquisition of US-based Ebix Inc., reporting a payment of ₹101 crore. With the latest remittance of US$12 million (approximately ₹101 crore) in July 2024, Eraaya Lifespaces Limited is excited to share progress on the acquisition. So far, a total of US$21.75 million (around ₹181 crore) has been paid towards securing Ebix Inc. Moreover, a substantial payment of US$35 million (approximately ₹293 crore) is scheduled for completion by the end of July 2024. This acquisition entails the Consortium securing 100 per cent equity in Ebix, encompassing its assets and certain liabilities across its global subsidiaries, as detailed in a stock exchange filing. The bid submitted by the consortium led by Eraaya Lifespaces had been approved and accepted as the highest and best bid for Ebix and declared as the winner following the auction process overseen by the U.S. Bankruptcy Court at an ascribed enterprise value of US$361 Million (₹3,009 crores approximately). The acquisition will be effectuated through Ebix’s Plan of Reorganization proposed in its Chapter 11 proceedings, subject to ongoing negotiations among the consortium, Ebix, and Ebix’s creditors and other stakeholders. The U.S. Bankruptcy Court had allowed the Plan of Reorganization to be sent to creditors for voting and scheduled a hearing to consider approval of the plan.

Urging the Government of India ahead of the upcoming Union Budget, Nitin Mittal, Coordinator South, NIMA, said, “The government of India should think of providing GST rebates or GST refunds to the MICE group or international tourists on shopping, if not then at least on the purchase of sustainable products like khadi, and Indian handicrafts.”

As per the new amendments in e-Visa provisions by the Ministry of Home Affairs, India’s Port Blair seaport is now a designated entry port for e-Visa holders. The amendment will boost yacht and superyacht business along with cruise tourism. Now, five other Indian seaports where persons with e-Visa will be allowed includes Mumbai, Cochin, Mormugao, Chennai, and New Mangalore.

Appreciating the promotional strategy of Abu Dhabi in India, Abdulla Mohammad, Director, International Operations, Department of Culture and Tourism, Abu Dhabi, said, “India is the number one source market of tourists to Abu Dhabi. We hosted over 1.67 lakh guests in our hotels from India this year, representing a 37 per cent growth vis-a-vis last year.”

Sitara Himalaya, a boutique hotel in Manali represented by Gaia Escapes, has recently earned a prestigious spot under the Relais & Châteaux banner. This exquisite 10-bedroom garden retreat captures the grandeur, beauty, and spirituality of the Himalayas. Perched at 8,200 feet, just 13 km from Manali on the road to the ancient Buddhist valleys of Lahaul and Spiti, Sitara Himalaya embodies the essence of Good Earth, the iconic lifestyle brand founded by Anita Lal. Surrounded by multiple tourist hotspots, it offers an idyllic escape from the hustle of metro cities, inviting guests to immerse themselves in Vedic tranquillity. Its inclusion under the Relais & Châteaux brand stands as a testament to its unparalleled services and serene ambiance.

Future Market Insights (FMI) report revealed that the Asia Pacific religious tourism will progress with an estimated CAGR of 11.4 per cent between 2024 and 2034. Starting at US$7,940 million in 2024, it is on track to reach US$23,371 million by 2034. The industry size of religious tourism in the Asia Pacific was US$7,146.8 million in 2023.

Pravati Parida, Deputy Chief Minister, Odisha said that state government will develop rural tourism in the state. Funds will be sanctioned for the development of Maa Mangala temple, along with road from Nimapara to Astaranga and Konark. Villagers will be made aware of monuments in the region, and products of Self Help Groups will be on sale in villages.

It is interesting to note that India’s Sustainable Development Goals (SDG) score is 71 for 2023-24, which is a significant improvement from 66 in 2020-21 and 57 in 2018 as per SDG India Index 2023-24  released by NITI Aayog. This shows that India’s potential as an inbound destination has gone up with cleaner cities and better amenities.

Union government has revised the annual ground rent for land leased to several prominent five-star hotels in New Delhi from thousands/lakhs of rupees a year to crores each. In March 2024, Union Ministry of Housing and Urban Affairs has issued notices for ₹177.29 crore for The Imperial and ₹69.37 crore for Claridges as revised ground rent from 2002 and 2006, respectively, until now.

39th IATO Annual Convention is scheduled to take place from 30 August to 2 September 2024 with the theme ‘Resurgent India Inbound’ in Bhopal, Madhya Pradesh. The event is expected to witness the participation of 15 states and 900-1000 delegates from all over the country, which includes leaders from travel industry.