ITC exploring managed hotel properties in adjacent coutries

ITC Ltd on Tuesday said the diversified conglomerate is looking at managed hotel properties outside the country, as part of its asset-right strategy for this vertical.

The company is eyeing such properties in adjacent markets like Bangladesh, Chairman and Managing Director Sanjiv Puri said.

"We are focusing on the asset-right strategy for the hotels business. This is managing properties of others under the WelcomHotel brand," he told reporters after the inauguration of luxury hotel ITC Royal Bengal here.

"We are setting up our own property at Colombo in Sri Lanka. Our subsidiary in Nepal is exploring options for setting up a hotel in that country," he said.

Talking about West Bengal, he said the new hotel -- the company's second such property adjacent to ITC Sonar -- displays its commitment towards the state.

Puri said ITC Royal Bengal, built at a cost of Rs 1,400 crore, will be connected with ITC Sonar, totaling a combined 700 rooms.

"We have announced an investment of Rs 1,700 crore in the state across sectors like personal care products, upgradation of existing facilities and back-end for the dairy business," Puri said.

About the personal care business, he said the company is in the process of acquiring land near Howrah.

"This investment will happen in the next three odd years, and is in addition to the previously announced Rs 4,000 crore," the top ITC official said.

The company would make a capital expenditure of Rs 20,000 crore in the next few years pan-India, out of which about 20 per cent would be dedicated for the hotels business.