The group said it continues to monitor the finalisation of rules by the government and other related aspects of the New Labour Codes and will appropriately account for such changes, if required.
| Photo Credit: Reuters

 Sanjiv Puri, Chairman, ITC Hotels Ltd. “ITC Hotels is committed to achieving new global benchmarks in hospitality while staying rooted in its vision of sustainability and inclusivity”. File photo
| Photo Credit: PTI

ITC Hotels, the new entity formed consequent to demerger of ITC’s hospitality business, got listed on the stock exchanges Wednesday (January 29, 2024) and with it announced plans to expand its portfolio to over 200 hotels.

The expansion as part of an asset right strategy will have it expand footprint across India and in proximal markets. From the over 140 properties with 13,000 keys across 90 plus locations it operates now, the plan is to expand the portfolio to more than 200 hotels with 18,000 keys in next five years, with approximately two-third salience of managed properties, the new pure play hospitality player said.

As many as 30 hotels were launched since 2023 and the robust target is to add at least one hotel a month on an average over the next 24 months, it said. The well-diversified ITC Ltd will retain a 40% stake in ITC Hotels with the remaining 60% distributed among existing shareholders of the parent firm.

The new entity while accelerating its independent growth trajectory will also continue to leverage ITC Ltd’s institutional strengths, globally acclaimed sustainability credentials, high-quality talent pool, digital capabilities, robust governance and sourcing of quality products. ITC Hotels said it has debuted with zero-debt balance sheet and a cash/cash equivalents of ₹1,500 crore to cater to planned growth and contingency requirements.

The debut on the bourses was rather tepid with the stock listing at ₹188 each on the BSE and after inching up to ₹189 was 5% down at ₹178.60 around 12.30 p.m. On the National Stock Exchange (NSE), ITC Hotels opened at ₹180 and by the same time went down to ₹172 before recovering to ₹175.

“Listing of ITC Hotels marks not just a new chapter for the ITC Group’s hospitality business but a bold step forward in our commitment to creating enduring value for all stakeholders. ITC Hotels is committed to achieving new global benchmarks in hospitality while staying rooted in its vision of sustainability and inclusivity… future promises exciting opportunities to expand, innovate and redefine luxury experiences,” Chairman Sanjiv Puri said in a release.

“ITC Hotels is ready to take bold strides as an independent, agile and pure play hospitality entity. We aim to be a global leader in Indian hospitality,” Managing Director Anil Chadha said.