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LEADER – PUNEET CHHATWAL, MD & CEO, IHCL: "THE SOUL OF HOSPITALITY LIES IN THE COUNTLESS ACTS OF DEDICATION PERFORMED BY THE INDIVIDUALS WHOSE WORK MAY NOT ALWAYS BE SEEN BY GUESTS"
A discreet visionary, Puneet Chhatwal is orchestrating IHCL's transformation with the ambition of combining Indian heritage, international excellence and sustainable growth, while always placing people at the heart of the experience. |
Category: Worldwide - Industry economy
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- Career - Sustainability - Interviews - Industry leaders
Interview made by Vanessa Guerrier-Buisine on Monday 07 July 2025
 Puneet Chhatwal, Managing Director & CEO, IHCL
Photo credit © Indian Hotels Company (IHCL)
After studying at ESSEC-IMHI in Paris and holding management positions at Feuring Group, Carlson Rezidor and Deutsche Hospitality, he built his vision of luxury and hospitality through experience rooted in the European cultures of rigour, precision, and excellence. He chose to put this expertise at the service of IHCL, the parent company of the Taj brand, the century-old jewel of the Tata Group, to strengthen the Indian group's position in the global hotel industry.
In an interview with Journal des Palaces, the leader shares the broad outlines of this transformation. Taj's arrival in continental Europe, the repositioning of brands and new formats, such as the ultra-luxury Claridges Collection, and the accelerated expansion of the portfolio thanks to a more asset-light model, with a stated goal of growing from 380 to 700 properties by 2030, are all topics covered in this interview. All this while maintaining a strong focus on sustainability through the Paathya programme.
IHCL is undergoing a spectacular evolution led by Puneet Chhatwal, without ever losing sight of the essential: placing people, service, and emotion at the heart of every experience, a challenge for a company he considers a vehicle of excellence for the whole of India.
Journal des Palaces: Since you took over as CEO of IHCL in 2017, the group has undergone a profound transformation, and you are now pursuing a target of more than 700 hotels by 2030. In your opinion, what are the key drivers enabling the group to combine sustainable growth with operational excellence?
Puneet Chhatwal: Driven by our purpose of ‘Pioneering Responsible Change, Creating Value, and Shaping the Future’, IHCL has been undergoing a transformative journey by redefining its brand landscape, accelerating portfolio expansion, and delivering record-breaking financial performance. This transformation was shaped by our ability to navigate the global reset during the pandemic and a fundamental evolution of our business model, which included fortifying the iconic Taj brand and scaling emerging brands and ventures to build enduring value.
Over this period, IHCL has achieved a 2.5x expansion in its portfolio, from 155 in 2017 to 381 hotels today, and increased room capacity from over 18,000 to more than 46,000. This growth was driven by a balanced strategy combining capital-light and capital-intensive models. Revenue has doubled to ₹8,565 crore (~859 millions euros), EBITDA margins have more than doubled from 16% to 35%, and we’ve moved from a loss to a PAT of ₹1,603 crore (~161 millions euros). This has resulted in a strong balance sheet, with a net cash position of ₹2,850 crore (~286 millions euros) in FY2025, compared to a debt of ₹3,001 crore (~301 millions euros) in FY2017.
What are your next milestones?
With the successful execution of our strategic roadmaps, Aspiration 2022 and Ahvaan 2025, we have laid a solid foundation for our next growth chapter, Accelerate 2030.
Our ambition is to double our portfolio to 700 hotels, comprising 500 operational properties and 200 in the pipeline. This will be achieved through a strategic blend of capital-light and capital-heavy investments, supporting both organic and inorganic growth while maintaining financial flexibility. We are reimagining existing brands and introducing innovative formats, including entry into new segments like branded residences and the launch of niche luxury offerings such as the Claridges Collection. We are also committed to investing in our 40,000+ associates, leveraging technology, and driving innovation across functions to deliver service excellence, with a target NPS of 70+ across our portfolio.
How does guest loyalty fit into these objectives?
At IHCL, customer-centricity is at the heart of our operations, deeply rooted in Tata Group values and brought to life through our philosophy of Tajness. This ethos—marked by warmth, care, and personalized service—embodies the essence of Indian hospitality. With an industry-leading NPS of 74.12, IHCL continues to redefine hospitality by delivering exceptional experiences at scale.
As guest expectations evolve toward seamless and personalized journeys, IHCL is embedding digital as a core strategic pillar. This year, we enhanced our digital backbone through SAPLink, integrating systems across finance, HR, and procurement. On the guest-facing side, we advanced mobile-first experiences and personalized content delivery. With over 10 million Tata Neu members (Editor's note: Great app from the Tata group, which includes a loyalty programme, NeuPass. The Taj InnerCircle loyalty programme is integrated into NeuPass), IHCL remains at the forefront of digital innovation, enriching guest interactions and empowering our teams.
What about sustainability?
Our ESG+ framework, Paathya, places sustainability, community engagement, and ethical governance at the core of our operations. Currently, 51 of our hotels are powered by clean energy, with 13 operating entirely on renewable sources through a mix of on-site generation, off-site.
procurement, and strategic power agreements. We’ve installed 64 bottling plants, eliminated 623 tonnes of single-use plastic, and achieved 50% water recycling. Prioritising community development, IHCL partners and operates 51 skilling centres across 20 Indian states and is committed to training 1,00,000 youth by 2030.
Taj has been recognised as the World’s Strongest Hotel Brand in 2025. How has the brand redefined luxury to meet the evolving expectations of today’s global traveller?
Since the opening of its first hotel, The Taj Mahal Palace in Bombay in 1903, IHCL’s iconic brand Taj has been synonymous with luxury and excellence in hospitality. Recognized globally for its exceptional standards, Taj is currently ranked the World’s Strongest Hotel Brand in the Brand Finance Hotels 50 2025.
The resurgence of the luxury hospitality sector is being driven by a new generation of affluent travellers who prioritise authenticity, personalisation, and immersive experiences. At IHCL, we are strategically aligned with this evolution. Earlier this year, we announced the launch of the Claridges Collection, a curated boutique luxury hotel portfolio that blends timeless elegance with historical charm. The portfolio debuts with The Claridges, New Delhi and will soon include the historic Connemara in Chennai and Blue Diamond in Pune.
Whats next for Taj?
With a legacy of pioneering new destinations, IHCL continues to expand the reach of the Taj brand, offering discerning travellers fresh and inspiring choices. Taj is strategically expanding into gateway cities that have a significant Indian diaspora and business communities. The Middle East remains a focal point, with projects in Makkah, Riyadh, Bahrain, and Ras Al Khaimah. Meanwhile, our foray into Bhutan with upcoming hotels in Paro and Phobjikha emphasises our dedication to sustainable luxury.
Entering into Continental Europe, Frankfurt’s landmark Hotel Hessischer Hof in Germany will join the illustrious list of iconic Taj hotels around the world after extensive renovations. Built in 1952, on a former city palace site, the hotel will set new standards for luxury hotels. Bombay Brasserie, the restaurant famed for its eclectic Bombay and Indian cuisine, will enter Frankfurt after making its mark in London, Cape Town, Dubai, and Singapore. Adding to its international presence, The Chambers, India’s first exclusive business club will have a new outpost at Taj Hotel Hessischer Hof.
How do you currently perceive luxury?
Modern luxury is multi-faceted, it encompasses culinary, exclusivity, weddings, and wellness. IHCL prides itself on its culinary history with over 400 restaurants and bars. For over a century the group has introduced many firsts and notable amongst which were Sichuan, contemporary Japanese, Mediterranean, Thai, and Vietnamese cuisine. Enhancing our culinary footprint, we launched the third outpost of Loya at Taj Mahal Palace, Bombay, celebrating the rich culinary traditions of North India, while Bombay Brasserie’s latest opening in Singapore adds to its global presence in Cape Town, Dubai, and London.
Built on a 50-year-old legacy of prestige and exclusivity, The Chambers is India’s most iconic business club with a presence across nine landmark Taj hotels including seven in India, one in Dubai and London.
Our Timeless Weddings offering sets a benchmark for destination weddings, extending across iconic venues, curated themes, and the legendary Taj service to transform celebrations into unforgettable experiences. Our Innergise Green Meetings, is a sustainable solution for corporate meetings and conferencing needs offering guests a choice to reduce their carbon footprint and contribute to a more sustainable future.
Our wellness offering, J Wellness Circle, continues to grow in response to rising demand for holistic well-being. Drawing from India’s ancient healing traditions, it offers curated experiences across our portfolio.
With 136 hotels including 47 under development, Taj is one of the largest luxury portfolios across the globe.
IHCL has signed 74 new hotels in one fiscal year, 95% of which are asset-light. What kind of relationship do you prioritize with hotel owners?
When owners partner with IHCL, they are not just associating with a hospitality brand, they are becoming part of a larger purpose-driven ecosystem. These record signings are reflective of this same trust and confidence that hotel owners and partners place in a legacy that is IHCL.
At IHCL, our relationships with hotel owners go beyond mere transactions—they are built on trust, and nurtured over generations. One example of this is our over five-decade-long partnership with the Royal Family of Mewar. Our stewardship of iconic properties such as the Taj Lake Palace and Taj Fateh Prakash Palace in Udaipur, as well as the recently opened Taj Gorbandh Palace in Jaisalmer, reflects a relationship that transcends time.
We place a strong emphasis on cultivating deep, long-term relationships with multi-property owners and partners who share our vision to grow across regions and brands. These collaborations often begin with a single hotel and evolve into strategic alliances spanning multiple destinations.
IHCL’s growth strategy is a balance of a capital-light and capital-heavy approach. Owning several marquee hotels, we understand the owner mindset and are able to create win-win partnerships that are sustainable and profitable. Whether it’s a single boutique hotel or a portfolio of properties across cities, we treat every partnership with the same level of commitment. That is how we have grown, and that is how we will continue to grow—together with our partners, for the long term.
One of IHCL's pillars is talent development. What concrete actions have you put in place to attract and retain the best professionals in the hotel industry in an ultra-competitive market?
At IHCL, talent development is a core pillar of our identity. Our 121-year legacy fosters a deep sense of belonging and pride among our associates. This legacy, combined with our commitment to service excellence, continues to attract individuals who are passionate about hospitality and aspire to be part of something larger than themselves. In an increasingly competitive talent landscape, we have taken a comprehensive approach to attract, develop, and retain the best professionals in the industry.
To ensure our people thrive, we have built a workplace culture that values, inspires, and supports long-term growth. Our compensation and benefits are regularly benchmarked to remain competitive and are closely tied to performance.
We invest significantly in structured training programs, customized career pathways, and mentorship initiatives that help our associates grow both personally and professionally. Our cadre-building programs are designed to identify and nurture high-potential talent at every level through instructor-led sessions, online learning, international exposure, and cross-functional immersions. These include flagship initiatives like the Hotelier Development Program, Hotel Operations Management Training, and the Leadership Accelerator Program, which fast-tracks talent from diverse backgrounds into General Manager roles.
Could you tell us about your DEI (diversity, equity, and inclusion) strategy?
We also recognize that a thriving workforce is one that feels heard, respected, and included. Our DEI (Diversity, Equity, and Inclusion) strategy, built on HER - the pillars of Hiring without discrimination, Environment of inclusion, and Retention through continuous development, is embedded into our performance metrics and reviewed regularly. We have set clear goals to increase representation from marginalized communities and people with disabilities, and we are actively building a pipeline of women leaders.
Today, women are well-represented across levels, including on our Executive Committee. Our pro-women policies such as extended maternity leave, crèche facilities, and industry-leading benefits like IVF and surrogacy reimbursement further reinforce our commitment to gender equity.
And how do you approach the concept of well-being?
Well-being is another cornerstone of our talent strategy. Through our Wellbeing framework, we address physical, mental, emotional, and financial wellness. Associates have access to virtual fitness challenges, confidential counselling through our Employee Assistance Program, and expert-led financial planning sessions. We have also invested in best-in-class facilities across our hotels, including cafeterias, rest areas, and recreational spaces, to enhance joy and comfort at work. Our partnerships with global institutions reflect our commitment to world-class education and leadership development. These collaborations offer scholarship programs and international exposure, helping us build a globally competitive talent pool.
Our goal is to create an ecosystem where talent is not only recognized and rewarded but also empowered to lead the future of hospitality.
In your speech at the last Hospitality Awards in Paris, you emphasized the importance of recognizing the work done behind the scenes, the invisible professions. How does IHCL cultivate this recognition internally on a daily basis?
At IHCL, we believe that the soul of hospitality lies in the countless acts of dedication performed by the individuals whose work may not always be seen by guests but is essential to delivering the seamless, world-class experiences that define our brand. We have institutionalized several initiatives to ensure that every associate, regardless of their role, feels valued, celebrated, and empowered.
One of our most impactful initiatives is the STARS recognition program, a daily, real-time platform that allows peers, and supervisors to acknowledge exceptional service and contributions across all levels of the organization. Whether it’s a steward who goes the extra mile to accommodate a guest’s dietary needs, a housekeeper who ensures immaculate standards, or a technician who resolves a critical issue before it escalates, STARS ensures that these efforts are noticed and applauded. The program fosters a culture of appreciation and reinforces the idea that excellence is everyone’s responsibility, regardless of whether they are front desk or housekeeping.
In addition to daily recognition, we also celebrate long-term impact and innovation through our Trail Blazer Awards. These awards are designed to honour individuals and teams who have demonstrated exceptional leadership, creativity, and commitment to IHCL’s values over time. Trail Blazers are those who challenge the status quo, introduce transformative ideas, and inspire others through their dedication. Many of these awardees come from departments that traditionally operate out of the spotlight, underscoring our belief that leadership and excellence are not confined to titles or visibility.
In an industry where service is the product, the passion and commitment of our associates are our greatest differentiators. By shining a light on the invisible professions and embedding recognition into the fabric of our organization, we ensure that every individual feels seen, heard, and inspired to deliver their best.
You praised initiatives that are reinventing luxury, making it more sustainable and more emotional. How is IHCL reinventing luxury to enhance the guest experience? Could you give some concrete examples?
The future of luxury lies in its ability to be both meaningful and mindful. Reinventing luxury in this way means moving beyond traditional markers to embrace sustainability, heritage, and personalization as core pillars of the guest experience. This philosophy is deeply embedded in our operations and is brought to life through our ESG+ framework of Paathya.
An example of this is the Taj Exotica Resort & Spa, Andamans. This property is a model of sustainable luxury, built using indigenous materials without felling a single tree, designed to minimize ecological impact, and operated with a zero single-use plastic policy. The resort is nestled within a fragile ecosystem, and every aspect of its design and operation reflects a deep respect for the natural surroundings. Another landmark project is Taj The Trees, Bombay, an urban oasis that is a testament to how luxury can coexist with sustainability in a bustling metropolis. The hotel is designed to be energy-efficient, with green building certifications, water conservation systems, and a strong focus on reducing its carbon footprint.
As custodians of Indian heritage, IHCL has restored and transformed iconic palaces into living museums of history and hospitality, offering an opportunity to step into India’s regal past. India’s living culture, expressed through traditions, performing arts, and traditional crafts is a vital part of our national identity. We have partnered with UNESCO to advance India’s Intangible Cultural Heritage (ICH).
Through this collaboration, several of our hotels actively participate in initiatives that conserve and celebrate these traditions. Khazana, our in-house luxury lifestyle boutique, promotes India’s art, craft, and cultural heritage. Guests are invited to engage in immersive experiences that blend tradition with innovation, while the boutique itself emphasizes sustainable products, local sourcing, and capacity-building for artisan partners. This reflects our commitment to ethical business practices and cultural continuity.
Our Livelihood Support Programme for the handloom weavers in Varanasi provides new handlooms to the weavers and helps them sustain their art while supporting their livelihoods effectively. Today, over 60 weaver families are engaged in creating the iconic Taj uniform saris. They are provided with all necessary materials, including raw silk, designs, punch cards for jacquard weaving and silk dyeing supplies.
A particularly powerful example of ‘culture in action’ is our involvement in the Ganga Aarti at Dashashwamedh Ghat in Varanasi. This sacred ritual, performed twice daily, is an expression of India’s spiritual heritage. This is the new face of luxury - one that honours the past, embraces the present, and shapes a more conscious future.
You often mention the importance of people, connection, and passion in hospitality. What is the most important lesson you have learned from this industry?
One of the most important lessons I have learned in my hospitality journey is the irreplaceable value of people—our teams, our guests, and the relationships we build with them. Hospitality, at its core, is a people-first business.
It is not just about service delivery; it is about building relationship capital. This capital is not measured in financial terms but in the depth of human connection, loyalty, and shared purpose that defines truly great hospitality. Our people are the heart of our organization, and their passion, commitment, and authenticity are what bring our brand to life every day. Whether it is the warmth of a welcome, the attention to detail in service, or the quiet dedication of those working behind the scenes, it is the human touch that transforms a stay into a memory. This is why we invest so heavily in nurturing our teams, not just through training and development, but by creating an environment where they feel valued, empowered, and inspired to grow.
How?
We brought together 40 of our senior leaders to co-create our five-year strategy, fostering a sense of ownership and alignment across the organization. We held ‘culture meets’ to reinforce collaboration and teamwork, and we focused on building a workplace where people could thrive. This inclusive and empowering approach has been instrumental in driving our success and ensuring that our people remain at the center of everything we do.
The concept of relationship capital also extends to our guests. At Taj, we don’t just serve customers—we build lifelong relationships. The emotional resonance of the brand, stems from the genuine connections our teams create with guests. It is this emotional equity that has made Taj not only India’s Strongest Brand across sectors but also the World’s Strongest Hotel Brand.
You are recognized as an inspiring leader in the industry. As such, what advice would you give to a young person interested in pursuing a career in the luxury hotel industry?
For any young person aspiring to build a career in the luxury hospitality industry, my foremost advice is to lead with passion, stay curious, and never underestimate the power of human connection. This industry, more than any other, is about people—understanding them, serving them, and creating experiences that resonate on an emotional level.
To those just starting out, I would also say: be open to learning from every experience. The luxury hospitality industry is evolving rapidly, shaped by sustainability, technology, and changing guest expectations. Stay agile, embrace innovation, and always be willing to go the extra mile. The path may not always be linear, but every role, every challenge, and every interaction will contribute to your growth.
 Among IHCL's finest, the Taj Palace Udaipur stands in the middle of Lake Pichola, Rajasthan
Photo credit © Indian Hotels Company (IHCL)
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