ITC Acquires 2.44% in EIH and 0.53% in Leela Hospitality Chains

20 Dec 2024 CW Team

ITC, which plans to demerge its hotels business from January 2025, announced that it has acquired shares in rival hospitality chains Oberoi and Leela through its wholly-owned arm, Russell Credit. The company stated in a regulatory filing that it had acquired 2.44 per cent of the share capital (comprising Rs 10.52 million equity shares of Rs 2 each) of EIH and 0.53 per cent of the share capital (comprising 34.60 lakh equity shares of Rs 2 each) of HLV from RCL.

Following the acquisition, ITC's shareholding in EIH and HLV now totals 16.13 per cent and 8.11 per cent of their respective paid-up share capital, it added.

The company clarified that the acquisition was carried out at book value in RCL's records. Additionally, ITC's board had approved, on October 24, the consolidation of the shareholding of EIH and HLV under ITC.

EIH is known for managing premium luxury hotels and cruisers under the 'Oberoi' and 'Trident' brands, while HLV operates The Leela Mumbai.

In a separate filing, ITC also informed that it, along with ITC Hotels (ITCHL), had mutually agreed to set January 6, 2025, as the record date to determine which shareholders would receive equity shares of ITCHL.

ITC confirmed that all conditions for the demerger of its hotel business had been met, with the scheme set to take effect from January 1, 2025. The company had already received regulatory approvals, including from the National Company Law Tribunal (NCLT) on October 4, which sanctioned the scheme between ITC and ITC Hotels.

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..