ITC chairman Sanjiv Puri on Wednesday said that the diversified conglomerate will take the hotel demerger process forward and explore alternate structures.
ITC Ltd would pursue the "asset-right" strategy for its hotel business to ensure that the diversified conglomerate remains competitive and contemporary, and continues to deliver superior performance, its chairman Sanjiv Puri said.
The Kolkata-based multi-conglomerate, which operates hotels under the brand names such as ITC and Welcome, also said that it is exploring foreign markets for its hospitality business, he said.
According to Puri, the tourism and hotel industry is recovering after the pandemic and the company will take the demerger process forward and explore alternate structures.
"Once things are finalised and we have a final proposal we will share it," a PTI report quoted Puri as saying.
Ealirer, on July 21, Puri had told CNBC-TV18 that the demerger of the conglomerate's hotel business is “very much on the table” following the recovery in the hospitality industry after COVID-19.
A day before at the ITC's 111th annual general meeting (AGM), Puri had informed shareholders about the plans to unlock value for the hotel business demerger.
ITC had first declared its intent to create alternative structures for the hotel business before the pandemic in the 2020 annual report. Since then, the Street has awaited details on it as ITC, with its more than 100 properties, is among the largest hotel chains.
—With inputs from PTI