Chairman and managing director Sanjiv Puri said ITC is looking to add more than 70 hotels over the next five years in India, mostly through management contracts. Its next greenfield hotel property will open in the coastal city of Puri in Odisha.
After the demerger is completed following approval from shareholders, creditors, stock exchanges, Sebi, NCLT and other regulatory authorities, ITC is likely to get the new stock listed on stock exchanges in another 15 months.
As a standalone company, the hotels business should command a similar valuation to that of the leading listed hotels firm, Indian Hotels, and the combined value of the two entities will likely exceed ITC’s current market cap
ITC share price continues downward trend after announcement of demerger of hotel business, falling 2.92% to ₹457.15. Investors react negatively to news.