ITC Hotels

ITC's consolidated profit for the period came in at Rs 5,054.4 crore, up 1.8 per cent year-on-year (Y-o-Y), from Rs 4,964.5 crore in the same quarter a year ago (Q2FY24).

The demerged company, ITC, is a listed company, while the resulting company, ITC Hotels, is presently unlisted. ITC shares are listed on the NSE, and BSE

Company has 'unwavering confidence' in country's economic growth, says Sanjiv Puri

ITC Hotels will compete as an independent entity with rivals such as Tata-owned Indian Hotels Company, which operates Taj Hotels, and EIH Associated Hotels, which manages the Oberoi brand of hotels

The Competition Commission of India (CCI) on Tuesday approved the demerger of the hotel business of diversified entity ITC Ltd into a separate entity. After the completion of the demerger, shares of ITC Hotels Ltd, a new entity, will be listed on the stock exchanges. The proposed combination relates to the demerger of the demerged undertaking to ITC's wholly-owned newly incorporated subsidiary, ITC Hotels. Following the demerger, shares of ITC Hotels will be listed. ITC will continue to hold a 40 per cent stake, while the remaining 60 per cent will be held by the conglomerate's shareholders, according to a notice on the CCI website. ITC has diversified businesses in India spanning from FMCG, hotels, paperboards, paper and packaging, and agri-business. The proposed combination is only an internal restructuring exercise which will not result in any change in market dynamics, ITC said in the notice. "Commission approves demerger of Hotels Business of ITC Ltd to its wholly-owned ...

IiAS recommends 'against' vote; InGovern, SES bat the deal

The newly inaugurated property, ITC Ratnadipa, situated on prime sea-facing land spanning 5.86 acres in Colombo, boasts 352 guest rooms, suites, and service apartments

India's diversified entity ITC plans to open more hotels overseas with neighbouring countries and the Middle East as primary target markets after opening of its first international property here, company Chairman and Managing Director Sanjiv Puri said on Thursday. The company's arm ITC Hotels, which had opened 22 new properties in the last 24 months, plans to add another 70 hotels in the next five years in India as part of expansion plans in the hospitality sector. Besides the hotels business, the company will look for opportunities to expand the presence of FMCG and other verticals in new overseas markets as well. "We are open to exploring opportunities that come about. I think we have strong credentials in hospitality which we can take outside India now. Very clearly at the moment the focus is on proximal markets, be it for hospitality, be it for FMCG...," Puri said here at a press conference after the opening of the 352-room luxury property, ITC Ratnadipa here. He said as the .

British firm will use the proceeds of block trades to buy back own shares

ITC Hotels on Monday said it has signed a management agreement with Narne Hotels and Resorts to open a 150-key property under Welcomhotel brand at Madikeri hill town in Coorg, Karnataka. "Madikeri is an important market for us. Over recent years, this region has grown in popularity and we saw a niche space for leisure travel. Through Welcomhotel Madikeri we bring the signature hospitality of ITC Hotels to this beautiful city," ITC Hotels Divisional Chief Executive Anil Chadha said in a statement. With this agreement, ITC Hotel group further strengthens its presence in Karnataka, where it currently operates 11 hotels and over 1,300 rooms under various brands including ITC Hotels, Welcomhotel, Fortune and Welcomheritage, he added.

But there is a mismatch in the rules and their implementation on the ground

Puri told Business Standard in a recent conversation that the company would increasingly try to go outside India

The foreign direct investment cap in ITC means that BAT cannot directly sell to another foreign entity

Consolidated revenue from operations in Q3FY24 was at Rs 19,484.50 crore, up 2.44 per cent

From Hindenburg's report on the Adani Group to the signing of the biggest aircraft orders by Air India and Indigo, India saw several important corporate news in 2023. Here are the 10 most significant

Chadha said that the new company would have a strong, debt-free balance sheet, with marquee properties and good cash flows

The Centre is getting around Rs 1,000 crore dividend annually from the cigarette-to-FMCG conglomerate for its 7.87 per cent stake

Why ITC threw down the gauntlet with the demerger of its hotels business

ITC Hotels on Thursday announced that it has signed a management agreement with a construction company for Welcomhotel Kalimpong resort in West Bengal. The 70-key greenfield project will spread over four acres of land and will offer plush rooms with views of the Himalayas and the valley, a company statement said. The company announced the signing of Welcomhotel Kalimpong resort under a management agreement with Pravez Constructions Private Ltd. "With the upcoming property of Welcomhotel Kalimpong, the group will have a strong presence across West Bengal with eight hotels across various segments," ITC Hotels Divisional Chief Executive Anil Chadha said. He also said the 'Welcomhotel' brand trajectory is "growing fast across both business and leisure locations". The upcoming facility in north Bengal will have an all-day dining restaurant, a lounge and a bar among other facilities. The group portfolio currently showcases 25 Welcomhotels across India with more in the pipeline, the com

ITC Hotels was entrusted with the task of catering for the presidential and prime minister's banquets