ITC to demerge its hotels business.

ITC, an Indian conglomerate company, is set to demerge its hotels business, into a wholly owned subsidiary. Financial terms were not disclosed. "The proposed demerger of the Hotels Business is testament to the Company's commitment to creating sustained value for stakeholders. Creation of a hospitality focused entity will engender the next horizon of growth and value creation by harnessing the exciting opportunities in the Indian hospitality industry. In the proposed reorganization, both ITC and the new entity will continue to benefit from institutional synergies," Mr Sanjiv Puri, ITC Limited Chairman.