Tag Archives: Leela Hotels

ITC Strengthens hospitality portfolio amid demerger

 

ITC Ltd. has announced a strategic move to consolidate its shareholding in two major hospitality brands, Oberoi and Leela, coinciding with its ongoing demerger of the hotel business. The company’s board approved the acquisition of shares from its wholly-owned subsidiary, Russell Credit Ltd (RCL), which aims to enhance ITC’s investments in these competitive chains.

According to a regulatory filing, ITC plans to acquire 1.52 crore shares of EIH Ltd, the parent company of Oberoi and Trident, along with 34.60 lakh shares of HLV Ltd, the operator of Leela Hotels. This acquisition will boost ITC’s total stake to 16.13% in EIH and 8.11% in HLV. The acquisitions will be executed at book value, and they are pending the necessary approvals from RCL’s board.

In addition to the share acquisitions, ITC’s board has also approved the purchase of Greenacre Holdings Ltd, an unlisted subsidiary of RCL, at book value. This move is part of ITC’s broader strategy to expand its footprint in the hospitality sector and strengthen its portfolio of premium brands.

This initiative aligns with ITC’s plan to establish ITC Hotels Ltd, a new entity that will manage over 140 properties under six brands, including ITC Hotels, Welcomhotel, and Fortune. The demerger, which is anticipated to be finalised by June 2024, has already received shareholder approval, marking a significant step in ITC’s growth trajectory in the hospitality industry.

Efcee Hotels and Uttarakhand Government partner for Eco-Friendly Hotels at Four Strategic Locations

Efcee Hotels, the hotel investment arm of the Leela Group of Companies, has signed a Memorandum of Understanding (MoU) with the Government of Uttarakhand. The MoU was signed at the Uttarakhand Global Investors Summit Road Show in Ahmedabad, paves the way for the development of environmentally responsible hotels at four strategic locations within the state of Uttarakhand. The ceremony was attended by the Chief Minister of Uttarakhand, Pushpaksingh Dhami, and Efcee Hotels’ CEO, Nirav Akshay Oza.

Komalkant F. Sharma, Group CMD of Leela Group of Companies, emphasized the group’s commitment to Uttarakhand’s economic growth and environmental preservation. “Our intention goes beyond hospitality. We aspire to generate substantial employment and adhere to the strictest environmental principles,” said Sharma.

Oza, added, “This partnership aims to set benchmarks in responsible tourism and sustainable development, aligning perfectly with both Uttarakhand’s ethos and the principles set forth by our Group CMD, Sharma.”

Chief Minister Dhami was enthusiastic about the collaboration and said, “This initiative will simultaneously boost our economy and preserve our natural heritage, creating a win-win scenario for all stakeholders.”

The project is slated to break ground in the coming year, focusing on local employment and eco-friendly practices.