ITC eyes acquisition of hotels

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As part of company’s plan, ITC Ltd, one of India’s leading business organisation with presence in diversified segments, has informed that it is considering acquisitions, mainly in the hospitality sector.

Speaking to media on the sidelines of CII summit in Mumbai, YC Deveshwar, chairman, ITC, said, “We are looking for operations to buy assets, particularly in hotel area. We will buy where asset prices are feasible and we are looking at all categories ranging from three to seven star hotels.”

Meanwhile, the company does not have any plan to cut expenditure due to ongoing economic slowdown. “We are looking forward for our long-term goal and taking it as an opportunity to grow,” added Deveshwar.

Currently, ITC is involved in businesses including hotels, agri-business, packaged foods and confectionery, apparel, personal care, stationary and FMCG products.

—IndiaRetailing Bureau

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