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Leading conglomerate ITC has said it will demerge its hotel business by incorporating wholly-owned subsidiary ITC Hotels Ltd.
“The Board of Directors of ITC Ltd at its meeting held on July 24, 2023, evaluated and discussed various alternative structures for the Hotels Business. After due consideration, the Board accorded its in-principle approval to the demerger of Hotels Business under a scheme of arrangement,” the company said in a regulatory filing.
Its board has also approved the incorporation of the wholly-owned subsidiary ITC Hotels Ltd, which will handle its hotels and hospitality business, it added.
