ITC is scheduled to host a meeting of the ordinary shareholders of the company on Thursday, June 6 at 10.30 am IST for the proposed demerger of ITC Hotels.
Kotak said Britannia Industries, Colgate-Palmolive and Nestle India will be the most impacted, while Godrej Consumer Products Ltd (GCPL), ITC, Jyothy Labs and Varun Beverages Ltd (VBL) will remain the least impacted by the new plastic waste management.
ITC s hotel business will not have any board representation from its largest shareholder, BAT, according to a demerger document. BAT will own 15.32% in ITC Hotels as foreign direct investment, making it the largest public shareholder after ITC s promoter holding of 39.93%. BAT s chief executive Tadeu Marroco stated last December that ITC s hotel business was not an area of interest for the British tobacco maker.
Explaining the rationale behind venturing into Sri Lanka, Sanjiv Puri, Chairman of ITC Group highlighted the country's untapped tourism potential and its alignment with India's "neighborhood first" policy.