Union Cabinet approves Badvel-Nellore Corridor in Andhra Pradesh
The proposed Badvel-Nellore Corridor will provide connectivity to important nodes in the three Industrial Corridors of Andhra Pradesh, i.e., Kopparthy Node on the Visakhapatnam-Chennai Industrial Corridor (VCIC), Orvakal Node on Hyderabad-Bengaluru Industrial Corridor (HBIC), and Krishnapatnam Node on Chennai-Bengaluru Industrial Corridor (CBIC).
This will have a positive impact on the Logistic Performance Index (LPI) of the country.
Badvel-Nellore Corridor starts from Gopavaram village on the existing National Highway 67 in Kadapa district and terminates at the Krishnapatnam Port Junction on NH-16 (Chennai-Kolkata) in Nellore district, and will also provide strategic connectivity to Krishnapatnam Port, which has been identified as a priority node under Chennai-Bengaluru Industrial Corridor.
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'Ongoing expansion in domestic and international airports, along with digital initiatives to boost like-for-like sales, should drive sustained double-digit revenue growth. The issue is valued at a P/E ratio of 38.15 times, based on FY25 EPS of Rs 28.83 per share," the brokerage said. Ventura Securities noted that TFS operates a balanced brand mix across 37 in-house, 32 international, and 58 regional QSRs. Its revenue split is nearly even between lounges (52%) and QSRs (48%). 'TFS's primary operational costs include manpower and food, which are significant components of its expense structure. These costs play a key role in maintaining the company's service delivery across its operations. TFS is also expanding opportunities in expressway travel QSRs," Ventura said while giving a 'subscribe' recommendation. BP Equities emphasized TFS's long-term growth potential aligned with India's aviation trajectory and its strategic locations. 'The issue is valued at a P/E of 39.9 times, based on FY25 earnings, which represents a discount to listed QSR companies. Therefore, we recommend a 'subscribe' rating for the issue," it said. Travel Food Services IPO: Other Info The IPO is entirely an offer for sale (OFS) of shares worth Rs 2,000 crore by promoter Kapur Family Trust. The offer includes reservations for subscriptions by eligible employees. Since the IPO is entirely an OFS, the company will not receive any funds from the issue and the proceeds will go to the selling shareholder. It raised nearly Rs 600 crore from anchor investors, days before its IPO opening for public subscription. Travel Food Services launched its first travel quick-service restaurant (QSR) outlet in 2009. It is promoted by SSP Group plc (SSP) and its affiliates SSP Group Holdings Ltd, SSP Financing Ltd, SSP Asia Pacific Holdings Ltd along with the Kapur Family Trust, Varun Kapur and Karan Kapur. SSP, an FTSE 250 company listed on the London Stock Exchange, is recognised as a global leader in the Travel Food & Beverage (F&B) sector based on revenue in 2024, as per the Crisil report. The Kapur Family Trust operates under the flagship brand K Hospitality, which oversees and invests in several hospitality and food service businesses, including Travel Food Services (collectively referred to as K Hospitality). Headquartered in Mumbai, Travel Food Services' portfolio features a diverse selection of food and beverage (F&B) concepts, including fast food, cafes, bakeries, food courts and bars, primarily located in airports and some highway locations. The company's presence spans 14 airports in India, including major hubs like Delhi, Mumbai, Bengaluru, Hyderabad, Kolkata and Chennai, as well as three airports in Malaysia, as of June 30, 2024. Its QSR outlets are predominantly located within airports, with select locations along highways. It also operated 31 lounges in India and Malaysia as of the same date and expanded internationally by opening a new lounge in Hong Kong in July this year. The international brands include renowned names such as KFC, Pizza Hut, Wagamama, Coffee Bean & Tea Leaf, Jamie Oliver's Pizzeria, Brioche Doree, Subway, and Krispy Kreme. The regional Indian brands in its network feature popular chains such as Third Wave Coffee, Hatti Kaapi, Sangeetha, Bikanervala, Wow Momo, The Irish House, JOSHH, Adyar Ananda Bhavan and Bombay Brasserie. top videos View all Kotak Mahindra Capital Company, HSBC Securities and Capital Markets (India) Pvt Ltd, ICICI Securities and Batlivala & Karani Securities India are the book-running lead managers to the issue. The equity shares are proposed to be listed on the NSE and the BSE. About the Author Mohammad Haris Haris is Deputy News Editor (Business) at He writes on various issues related to markets, economy and companies. Having a decade of experience in financial journalism, Haris has been previously More Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! tags : IPO Location : New Delhi, India, India First Published: July 07, 2025, 10:58 IST News business » ipo Travel Food Services IPO Opens Today: Should You Subscribe? Check GMP, Price, Lot Size, Review
