Shareholders approve demerger of ITC Hotels

New Delhi, June 6

Diversified entity ITC on Thursday said that it had received shareholders’ approval to demerge ITC Hotels into a separate entity.

In a virtual meeting on Thursday, shareholders approved the resolution for the scheme of arrangement between ITC Ltd and ITC Hotels Ltd, it said in a regulatory filing. The meeting was called pursuant to the directions of the Kolkata Bench of the National Company Law Tribunal dated April 22.

In July 2023, the ITC had announced it was demerging its hotel business by incorporating as a wholly-owned subsidiary ITC Hotels Ltd. The scheme was approved in August, which will create ITC Hotels Ltd, to handle its hospitality business.