The proposed combination relates to the demerger of all businesses, undertakings, activities, operations and properties of ITC Limited (ITC) related to Hotels Business to ITC’s wholly owned newly incorporated subsidiary, ITC Hotels Limited (ITC Hotels) as per the terms of the Scheme of Arrangement approved by the respective boards of ITC and ITC Hotels on 14th August 2023.
The Hotels Business means the hotels and hospitality business of ITC undertaken by way of inter alia owning, licensing, operating, managing, servicing, marketing, and supervising the operations of hotels and includes accommodation, dining, and banqueting services and investments in the Hospitality Entities (i.e., certain subsidiaries and associate companies of ITC) carrying on the hotels and hospitality business.
ITC has diversified businesses in India spanning fast-moving consumer goods, hotels, paperboards, paper and packaging, and agri-business.
ITC Hotels is a newly incorporated entity and does not have any business activities at present. Detailed order of the Commission will follow.
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