|  India's
top tobacco firm, ITC Ltd. plans to invest nearly $2
billion in new hotels over seven years to tap booming
demand, its said Yogi Deveshwar on Friday.
Among the hotels planned by ITC, 31.7 percent owned
by British American Tobacco Plc, three will be in Bangalore,
one in Chennai, one in Ahmedabad and one in Kolkata.
The one in Chennai will be the biggest hotel in India
with 825 rooms.
'' We will also venture in super premium, heritage
and luxury hotels in various locations of the country.
The company plans to set up a seven star hotel in Ahmedabad
and land for the project has already been acquired,''
he added.
Speaking about the company's investment plans in Bengal,
Mr Deveshwar said his projects in the state, entailing
an investment of $ 370 million, have been delayed due
to land acquisition. The company being totally professional
finds it hard to acquire land which is not done in the
most transparent manner.
The company, which also makes personal care products
and packaged foods, posted a better-than-expected 20
percent rise in net profit to 7.83 billion rupees ($193
million) in the fiscal first quarter to end-June.
Revenues for its 16 owned and licensed hotels grew
11 percent on the year to 2.21 billion rupees. It has
a franchise deal with Starwood Hotels & Resorts
for seven of its luxury hotels.
($1=40.5 rupees)
|
