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ITC hospitality demerger receives unconditional approval from Indian antitrust watchdog

By Freny Patel ( May 29, 2024, 00:15 GMT | Insight) -- Indian cigarette-to-hotels conglomerate ITC has received unconditional approval to demerge its hotel business into a separate company and list ITC Hotels on the stock exchange. The Competition Commission of India approved the demerger on Tuesday, noting that parent company ITC would hold a 40 percent stake, with the remaining 60 percent held by shareholders of the conglomerate. The proposed transaction is an internal restructuring exercise that won’t result in any change in market dynamics, the parties told the CCI. Indian cigarette-to-hotels conglomerate ITC has received unconditional approval to demerge its hotel business into a separate company and list ITC Hotels on the stock exchange....

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