‘Will people start travelling the way they used to? I doubt it’ Nepalese billionaire Binod Chaudhary discusses pivoting his hospitality businesses

Binod Chaudhary has built an empire of 160 companies and 123 brands across the world since taking over a small textile business from his father in the late 1960s. Considered Nepal’s first billionaire, his empire, Chaudhary Group (CG) Corp Global, has interests across the sectors, from producing noodles in Serbia to providing telecommunications services in Moldova and running a luxury hotel in the Philippines.

As a major global investor, Covid-19 has forced Mr Chaudhary to make major adjustments, particularly at CG Hospitality, which counted 94 hotels in operation in early 2019, where properties have been repositioned — with a certain degree of success — to domestic travellers as international tourism came to a halt.

Q: How has the pandemic affected the way the CG Corp Global does business? 

A: The brighter side of what we have experienced is clearly the digital connection that the world has discovered, and everyone has applied in their own private and professional life. The new normal has taught companies to use digital technologies, to have more virtual meetings and come up with new solutions, which eventually bring better efficiencies, cut red tape and bureaucracy and save time. It also eliminates the need for too much of a support system in terms of logistics.

At CG Corp Global, we have operations in 27 countries across the world. I used to travel 20 days a month — half of my life used to be up in the air on planes. The same applied to many of our senior executives. That was not a very efficient way of spending our time. Nowadays, I travel only to our global offices and I stay there longer than I used to. Zoom is the new way of life and it works extremely well — actually, it works better than before. It’s a very efficient way of using time and resources. A lot of new innovations are taking place as substitutions of old habits. There are so many different fast-breaking changes that the corporate world is likely to follow.

Q: What strategic adjustments have you implemented? 

A: We are a very diversified group, with interests ranging from hospitality to finance, energy, real estate and infrastructure. There is no single rule or solution that is applicable to all the geographies or verticals.

Read More:https://www.fdiintelligence.com/article/79410

February 26, 2021