May 27, 2024
Business Featured Latest News

ITC’s Hotel Business to be Spun Off into Independent Company

ITC Ltd announced its decision to separate its hotels business from the rest of the company, which includes its cigarettes and food businesses.

The new entity, named ITC Hotels Ltd, will be formed, with ITC holding a 40% stake, and the remaining 60% ownership distributed among existing ITC shareholders. The company stated that the hotels business has reached a mature stage and is ready to pursue its own growth trajectory in the rapidly expanding hospitality industry.

The demerger proposal is set to be finalized during the board meeting on August 14. Following the announcement, the company’s shares initially reached a record high but later experienced a decline of up to 4.3%.

Picture Courtesy: Google/images are subject to copyright

Share

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *