According to a December 2024 note by CRISIL, Travel Food Services (TFS) Ltd, Saptagiri Restaurant Pvt. Ltd, and Encalm collectively operate 40–50 airport lounges, accounting for roughly 50% of operational airport lounges in India. Other key players include Bengaluru Airport Services Ltd, Bird Catering & Lounges Pvt. Ltd and RBA Hospitality & Hotels Pvt. Ltd.
Facing tighter lounge economics, Encalm Hospitality pivots to hotels, catering, overseas airports
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