ITC board gives in-principle nod to demerger of hotel business

 ITC board gives in-principle nod to demerger of hotel business: 10 things to know ITC said on Monday that its board gave in-principle approval to a proposal to demerge its hotel business. The cigarettes-to-hotels conglomerate said it will hold a 40 per cent stake in the newly formed entity, to be named ITC Hotels, with the remaining 60 per cent held by shareholders of ITC. The company said its hotels business has emerged stronger and delivered robust growth and margin expansion in the financial year 2022-23, and is well poised to sustain the growth momentum. “The proposed demerger of the Hotels Business is testament to the Company’s commitment to creating sustained value for stakeholders. Creation of a hospitality focused entity will engender the next horizon of growth and value creation by harnessing the exciting opportunities in the Indian hospitality industry," said Sanjiv Puri, Chairman, ITC. [Read more]( If you would prefer not receiving our emails, please [Click Here](