Fomento Resorts & Hotels Ltd - Stock Valuation and Financial Performance

Fomento Resorts & Hotels was incorporated in 1971, a part of the Fomento group of companies, it is engaged in the hospitality industry.

In 1957, ten years after India attained independence and four years before Goa’s liberation from Portuguese colonial rule, Madhusudan Datta Kamat Timblo (also known as Modu Timblo ) planted one of the first seeds - Sociedade de Fomento Industrial SARL - for the Goan industry. The company was to grow from the initial mining and export of iron and manganese ores into a large, multi-faceted presence that it is today.

Fomento Group of Companies is a leading producer of iron ore from Goa, for last 5 decades and accounts for an export of 1.5 million tonnes of iron ore per year which is nearly 3% of India’s current annual iron ore exports. the group has diversified in successful ventures,  Hospitality in the form of  a luxurious five star beach resort, The Cidade de Goa,  river fleet operations, tourism and training.

Luxury, friendly service and exceptional value are some of the attributes that go to make a great resort the five star beach resort and this is exactly the winning combination that Cidade de Goa offers.

Cleverly juxtaposed between a hill carpeted in green and the sweeping blue Arabian Sea, Cidade de Goa's unique design was conceived by its well known architect, Charles Correa - the International Royal Institute of British Architects' awardees.

The resort resembles a self contained township, with courtyards in the shape of old time village squares. Most of the suites and rooms with their private balconies overlook the Dona Paula bay, as it expands into the Arabian Sea and create an unique setting of tradition coupled with with luxurious comfort. Such architecture can still be seen in the old untouched parts of Panaji, the capital of Goa.

With six restaurants to choose from, a guest can look forward to a different culinary experience each day, be it Goan, Indian, Oriental, Portuguese, Continental or French.

With its beautifully serene and secluded beach, the resort offers an entire range of facilities - watersport, -- ShowBoat -- the entertainment center, a gaming casino, a health club and other sports, ensuring a complete holiday.

The Academy of Culinary Education (ACE) has been set up to cater to a need of the time -- grooming and training Master chefs for the hospitality and tourism industry.The first integrated course of its kind, ACE is a unit of the Foundation for Education, Work and Environment and is oriented towards nurturing the needs of the professional in the field of culinary art.

Located at Cidade de Goa, the facilities at the Academy is modern including latest audio-visual equipment, a well stocked library and of course, the Cidade de Goa kitchen, where the students receive their hands-on training. The courses are steered by a highly qualified faculty,eager to impart their culinary expertise to the young aspirants.ACE has initiated faculty exchange with the Culinary Institute of America, Swiss Hotel School and Canberra University of Culinary Education. It has also entered into a Memorandum of Understanding with the American Hotel and Motel Association Education Institute, USA, to receive new technology and award certificates to successful candidates.

Recent developments

Fomento Resorts & Hotels has been directed  by Supreme Court in its judgment dated January 21, 2009 to demolish a construction on plinth of approx. 1000 sq. mtrs. of the resort within the period of 90 days.This will reduce the room capacity from 210 rooms to 160 rooms, besides health club/spa, conference hall (large), business center, meetings rooms, and the culinary school would cease to exist as is in the present location.