Nitan Chhatwal, CMD, Shrem Group and his better half Smita on developing India's luxury hospitality industry
BY SHUJATH ALI
How did you get drawn to entrepreneurship?
I am from Delhi. I grew up and lived in the capital city until I was 17. Then I moved to Mumbai and it has been home ever since. Mumbai’s dynamism, its professional work culture, its resilience, its ecosystem that inspires, encourages and supports innovation has inspired me in many ways. It drew me to entrepreneurships and made me the person I am. I owe what I have achieved to the city.
Is an academic course essential to hone one’s entrepreneurship skills?
Formal education lays the groundwork for disciplined thinking and sectoral understanding. It equips you with the ability to analyse, question, and make informed decisions with clarity. However, it is only the beginning. True mastery emerges when classroom learning is tested in the real world – through experience, risk-taking and execution. When structured education is complemented by practical exposure, it builds conviction, sharpens judgment and enables the creation of enduring, long-term value.
You co-founded Viraj Profiles Ltd. During your 25 years with the company, it grew to become a billion-dollar enterprise and one of the world’s largest manufacturers of stainless steel long products. What were the learnings from the venture?
Over the 25 years with Viraj Profiles, my philosophy of precision, process and patience evolved through hands-on experience across manufacturing, infrastructure and hospitality. Manufacturing ingrained in me the importance of precision – where attention to detail defines quality and scale. As businesses grew more complex, I learned that robust processes are essential for sustainable execution. Finally, navigating multiple economic cycles taught me patience: meaningful value creation takes time, discipline and the ability to think beyond immediate outcomes.
How did you decide to establish Shrem Group?
The decision to establish the Shrem Group was a natural progression of my entrepreneurial journey. After exiting Viraj Profiles in 2010, I wanted to apply the lessons I had learned, over decades of building businesses at scale, to a more diversified platform. The idea was to create a family office that focused on long-term value creation across sectors with enduring relevance. Shrem Group was founded with a clear intent – to invest responsibly, build institutional-quality assets and think in decades rather than short-term cycles.
Please share your thoughts on the role of entrepreneurship in creating assets for the nation.
Entrepreneurship plays a defining role in a nation’s progress. Companies are not merely commercial enterprises; they are engines of institution building, employment generation and long-term value creation. When businesses focus on creating high-quality, sustainable assets, they contribute directly to nation-building by strengthening economic resilience, enhancing infrastructure and fostering inclusive growth. Sectors such as infrastructure, hospitality, healthcare and financial services are critical in shaping a country’s social and economic fabric.
Since its inception, the Shrem Group has been guided by this belief. Our infrastructure initiatives have contributed to the development of vital road networks, improving connectivity, efficiency and regional productivity. In hospitality, we have created landmark properties that enhance India’s global standing while generating significant local employment and supporting allied industries. Across every sector we operate in, our approach remains consistent: invest responsibly, build enduring institutions and think beyond short-term gains. For me, true success lies not only in financial returns, but in creating assets that strengthen the nation and deliver value for generations.
Why did you decide to invest in India’s premium hospitality sector?
My decision to invest in India’s premium hospitality sector was driven by a strong belief that hospitality plays a vital role in shaping a nation’s global identity. India possesses immense cultural richness and an innate warmth of service, yet there was a clear opportunity to develop truly world-class luxury assets that matched global standards in design, experience and longevity. I saw the potential to create hotels that are not just commercial ventures, but enduring institutions.
Hospitality also aligns closely with my philosophy of precision, process and patience. Developing luxury properties demands meticulous attention to detail, disciplined execution and a long-term vision. Beyond business, it allows us to contribute meaningfully to tourism, employment generation and India’s presence on the global hospitality map.
The company launched Fairmont Mumbai in 2025 in association with Accor. What does this partnership represent for the premium hospitality sector in India?
Fairmont Mumbai, our latest venture, has been significantly strengthened by our association with Accor. Their global leadership in luxury hospitality, operational rigour and deep understanding of guest experience have been instrumental in the hotel’s successful launch and seamless operations. By combining Accor’s world-class standards with our local insight and long-term vision, we have created a property that goes beyond a hotel to become a true landmark destination. This partnership ensures exceptional service, timeless design and consistently elevated experiences, while setting a new benchmark for premium hospitality in India.
How did you decide to develop Fairmont Mumbai?
The decision to develop Fairmont Mumbai was guided by a clear intent to create a landmark that reflects both Mumbai’s spirit and global standards of luxury. The location was strategically selected for its strong connectivity to Chhatrapati Shivaji Maharaj International Airport, while remaining close to the city’s key business and cultural districts. Architecturally, the hotel draws from Mumbai’s iconic Art Deco heritage, reinterpreted through a contemporary lens to create a timeless aesthetic. With expansive rooms and suites, one of the city’s largest MICE facilities, distinctive Art Deco–inspired dining destinations and a dedicated wellness and longevity floor, the hotel offers a truly differentiated luxury experience.
Our partnership with Fairmont Hotels & Resorts was a natural alignment of values. Their global expertise, operational excellence and deep understanding of luxury hospitality complemented our long-term vision, enabling us to create not just a hotel but an enduring institution that sets a new benchmark for the city.
My better half Smita played a pivotal role in shaping the soul of Fairmont Mumbai. Working closely with me as a true creative partner, she was deeply involved in defining the hotel’s aesthetic direction – from the choice of fabrics, colours and uniforms to the curation of art installations across the property. This collaborative approach reflects our shared belief that luxury lies in detail and cohesion. Together, we ensured that every visual and sensory element of the hotel is thoughtful, harmonious and deeply connected to the narrative of Mumbai, creating a refined yet warm environment that guests can truly connect with.
Smita has worked closely with our art curator Venu Juneja. Together they have curated the most unseen and hand-picked selection of art installations resonating and speaking the story of each venue.
