Emirates President Slams Airbus and Boeing on Delivery Delays
Emirates President Sir Tim Clark slams Airbus and Boeing on delivery delays and supply chain issues.
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As air travel booms in India, companies tied to aviation services are heading to the stock market. As more people fly, investors are showing interest in the businesses behind the scenes. Indian airport food and lounge operator Travel Food Services (TFS) is preparing to go public. The Mumbai-based company will open its INR 20 billion ($233.5 million) initial public offering on July 7. The offer will close on July 9, with shares expected to begin trading on July 14. The IPO is a pure offer for sale, meaning the company won't raise any new money. Existing promoter Kapur Family Trust will sell part of its stake. Travel Food Services will not receive proceeds from the listing as the IPO will not be issuing any new shares. Other promoters include SSP Asia Pacific Holdings, which also runs food outlets and lounges across airports. What TFS Does? TFS may not be a household name, but it is a familiar presence in India's airports. If you've ever grabbed a quick meal in Mumbai or waited for a flight in a Bengaluru lounge, chances are, you've experienced one of its services. The company runs food courts, quick-service restaurants, and airport lounges. As of March 31, it operated the largest network of food outlets at airports and highways in India, according to data from ratings agency CRISIL. Of its 413 locations, 384 were at airports, while the rest were on highways. The company also ran the largest private lounge network, with 28 lounges across 10 Indian airports. In India, its footprint covers nearly all major airports, including Delhi, Mumbai, Bengaluru, and Hyderabad. These airports account for nearly three-quarters of the country's total air traffic. In total, TFS operates 37 lounges across India, Malaysia, and Hong Kong. This includes eight lounges in three airports in Malaysia, one in Hong Kong. The company also operates 29 quick-service restaurant outlets across two Malaysian airports. 'We are market leaders in the segment, both on the travel QSR side, as well as lounges,' said Varun Kapur, managing director and CEO of TFS at a press conference on Wednesday. 'We have a significant leadership over many of the players that operate here, because it's a very focused initiative for us. We don't confuse. We don't look left and right. It's all about travel (and food) for TFS. It's a clear, focused effort of delivering value in these channels for us.' Revenue and Business TFS divides its business into two key verticals: food and lounges. The food portfolio includes outlets for international brands like KFC, Domino's, and Starbucks, as well as in-house concepts such as Dilli Streat and Curry Kitchen. The lounges, operated under the company's 'Araya' brand umbrella, serve premium passengers, which includes those flying business class or holding qualifying credit cards or loyalty memberships. Some lounges also accept walk-in travelers who pay directly. The company reported a 20% increase in revenue to INR 16.8 billion ($196 million) in the year ending March 2025. Profit after tax climbed 27% to INR 3.8 billion ($44 million) from the previous year. Revenue comes from a combination of franchise commissions, royalties, lounge access fees, and direct food and beverage sales. With most of its locations inside transit hubs, TFS benefits from consistent foot traffic and higher customer spending. The company is betting that India's growing middle class, expanding airports, and changing travel habits will keep its business growing. TFS runs food courts, quick service restaurants (QSRs), and premium lounges in airports. Growth Plans and Expansion TFS is expanding its reach beyond India. It already runs lounges in Malaysia and recently launched operations in Hong Kong. Under a partnership with its promoter SSP, TFS will license its Araya lounge brand to be used across Europe, North America, and Australasia. SSP will pay a franchise fee to TFS for access to the system. Meanwhile, TFS will retain rights to develop the brand in India, Southeast Asia, and the Middle East. 'So as a first level, the Asia Pacific and the Middle East regions are areas which will be focused on,' Kapur said. He pointed to shared demographic trends, rising air traffic, and investment in airport infrastructure as key reasons for focusing on those geographies. India's lounge market is still in its early stages. Most airports have fewer lounges per terminal compared to global hubs. But that is changing quickly. CRISIL estimates the Indian lounge industry could grow sevenfold over the next decade, driven by rising disposable incomes and changing travel preferences. Food services at airports are also on the rise. The Indian airport food market has doubled in the last five years and is projected to nearly triple by 2034. Indian airport operator Adani Airport Holdings, the company that controls more than 50% of top 10 domestic routes, and it accounts for close to 25% of the air traffic in India, is also planning to launch an IPO by fiscal 2028. Competition in a Crowded Terminal TFS faces competition on both the food and lounge sides of its business. In lounges, rivals include Encalm Hospitality and Saptagiri Restaurant. In food services, global players like HMSHost and Lite Bite Foods are also active in Indian airports. What gives TFS an edge, the company says, is its ability to offer both food and lounge services under one umbrella. That makes it more attractive to airport operators and helps streamline costs. As India builds out its airport infrastructure and air travel continues to grow, TFS is positioning itself as the go-to partner for airports looking to upgrade traveler experiences. But as more players enter the market, the challenge will be maintaining scale without losing focus, something Kapur insists TFS is built to do.
