Mumbai57 minutes ago
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The demerger of its hotel business with FMCG company ITC Limited, which makes daily use products ranging from cigarettes to soap, has been finalized. This will become effective from January 1, 2025. The company has given this information in its exchange filing today i.e. Tuesday (December 17).
The Kolkata Bench of the National Company Law Tribunal (NCLT) had approved this deal between ITC Limited, ITC Hotels Limited and their shareholders in October 2024. In June this year, the shareholders of ITC Limited voted on the decision of demerger. Then 99.6% of shareholders voted in favor of the demerger, while only 0.4% voted against it.
ITC has given information about NCLT order today (Tuesday, October 17).
ITC will hold 40% stake in the hotel after demerger
After demerger, ITC will hold 40% stake in the hotel business. The remaining 60% stake will be held by the shareholders. ITC had announced the demerger plan in July last year and later said the new unit would be listed in 15 months.
ITC Hotels will compete in the market as a separate unit
ITC Hotels, as an independent unit, will compete with competitors like Tata-owned Indian Hotels Company and EIH Associated Hotels. Indian Hotels operates Taj Hotels. Whereas EIH manages the hotels of Oberoi brand.
ITC was established in 1910
ITC is a leading multi-business Indian enterprise with presence in FMCG, Paper, Packaging, Agri-Business, Hotels and IT. Sanjeev Puri is the chairman and managing director of ITC.
This company was established in 1910, then the name of this company was Imperial Tobacco Company. Then in 1970 its name was changed to India Tobacco Company. After this, its name became ITC Limited in 1974.
