The Telegraph
Sunday , September 16 , 2012
Since 1st March, 1999
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ITC cash spread

Chennai, Sept. 15 (PTI): ITC Ltd, as part of expanding its hotels business, has lined up investments of Rs 25,000 crore over the next five years, a top company official said.

“We have huge investments coming up in the hotels business. We have a land in Sri Lanka. It will have our first overseas venture (for ITC Group) in the ultra luxury segment,” ITC chairman Y.C. Deveshwar told reporters here.

Stating the group’s hotel business was growing at a fast pace, Deveshwar who is here for the inauguration of its largest property in India — the ITC Grand Chola — said, “they also have a presence in Nepal.”

Besides these two properties each in Nepal and Sri Lanka, the group was eyeing projects in Bangladesh and other neighbouring countries.

On the company’s upcoming projects in the domestic market, ITC director-in-charge Nakul Anand said currently the group had about 8,000 rooms and planned to add another 5,000 rooms in the next three to four years.

He said the group was setting up properties in Ahmedabad, Amritsar, Bhubaneswar and Coimbatore.

“With this, we will have a total capacity of 13,000 rooms,” he said and added that for the Sri Lankan operations they had recently bought a five-acre land in Colombo.