ITC Hotels debuts on bourses

PTI NEW delhi

ITC Hotels -- the new entity after the demerger of the hotels business of diversified conglomerate ITC Ltd that listed on the stock exchanges on Wednesday -- said it plans to expand its portfolio to over 200 hotels over the next five years. At present, ITC Hotels operates a bouquet of over 140 properties with over 13,000 keys in more than 90 locations.

The new pure play hospitality company said it will continue to pursue its asset-right strategy to expand its footprint across India and in proximal markets. "Debuting with a zero-debt balance sheet and a cash/cash equivalents of Rs 1,500 crore to cater to planned growth and contingency requirements, ITCHL is now listed for trading on the stock exchanges," ITC Hotels said.

ITC Ltd retains a 40% stake in ITCHL, while the remaining 60% is distributed among existing shareholders. "This strategic share-holding structure positions ITCHL to deliver long-term value to all stakeholders while accelerating its independent growth trajectory," ITC Hotels said.

Speaking at the listing programme at the NSE, ITC Hotels Ltd Chairman Sanjiv Puri said, "Today is indeed a landmark moment in ITC's journey. Listing of ITC Hotels marks not just a new chapter for the ITC Group's hospitality business but a bold step forward in our commitment to creating enduring value for all stakeholders. As ITC Hotels embarks on this new journey, it is committed to achieving new global benchmarks in hospitality while staying rooted in its vision of sustainability and inclusivity".