ITC Hotels plans global expansion post-demerger; listing expected by mid-February
ITC Hotels Ltd is set to expand internationally following its demerger from parent company ITC, with initial focus on neighbouring countries and West Asia, announced Chairman and Managing Director Sanjiv Puri in a PTI interview. The company’s shares are expected to list on NSE and BSE within the next few weeks, before mid-February 2025.
Following the demerger scheme, ITC has allocated 125.11 crore equity shares of ITC Hotels to shareholders, with one share of ITC Hotels given for every 10 ITC shares held as of the January 6 record date.
Currently operating 140 properties with 13,000 rooms across India, ITC Hotels aims to grow its portfolio to over 200 hotels. The company operates through six brands: ITC Hotels, Fortune, Mementos, Storii, WelcomHeritage, and Welcomhotel. Of its existing properties, 45 per cent are owned directly while 55 per cent are managed through contracts.
The overseas expansion will follow a managed and franchisee model, building on ITC’s existing international presence in Sri Lanka and Nepal. When asked about competing with established foreign players, Puri highlighted the company’s strengths, including its reputation for hosting foreign dignitaries and its environmental credentials, noting that ITC operates the world’s first 12 LEED certified net-zero carbon hotels.
ITC will retain a 40 per cent stake in the demerged entity, while shareholders will own the remaining 60 per cent.
The shares of ITC were trading at ₹432, down by ₹5.35 or 1.22 per cent in the NSE today at 12.10 pm.
