ITC has raised its stake in hotel Leela Venture, according to a recent disclosure by the latter on the BSE website.
As of March 2010, ITC has increased its stake to 10% from the earlier held 8.5% through open-market purchases carried out through Russel Credit, its wholly-owned investment firm.
Nakul Anand, divisional chief executive, ITC – Hotels Division told Hotelier India, “The investment in Leela is part of our routine treasury operations and reflects our strategic intent to invest in businesses in which we have knowledge and expertise.”
ITC already owns 14.98% in EIH (the Oberoi Group), which same was transferred by Russel Credit (to ITC) through an off-market deal on the 30th March. The net revenue of ITC’s hospitality business grew by 16% during the last quarter 2009-2010.
