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What is the story about?
ITC Hotels Ltd on Friday (January 9) said it has received an allotment of leasehold land from India International Convention and Exhibition Centre Limited (IICC), a Government of India enterprise, for the development and operation of a hotel at Yashobhoomi, Dwarka, New Delhi.
The allotment involves land with a ground coverage of around 3,648 square metres and a permissible floor area ratio of about 26,179 square metres. The land has been granted on a long-term lease for a period of approximately 91 years. The total lease premium payable for the allotment is ₹326.50 crore. A sub-lease cum development agreement will be executed between IICC and ITC Hotels in this regard.
According to the company, the transaction is domestic in nature. ITC Hotels has also clarified that neither the promoter nor the promoter group has any interest in IICC, and the allotment does not fall under related party transactions.
Also Read: ITC Hotels Q2 Results: Net profit jumps 74% to ₹133 crore; margin expands from last year
ITC Hotels said the proposed development will be a premium 5-star hotel featuring contemporary banqueting facilities and signature cuisine offerings. The hotel is intended to support and enhance Yashobhoomi's position as an international destination for conventions, conferences, exhibitions and large-scale events.
Anil Chadha, Managing Director of ITC Hotels Ltd, "Yashobhoomi is a game-changer for the MICE industry. It has already hosted a large number of trade shows and big conventions. ITCHL shall leave no stone unturned to create one of the finest hospitality offerings through the proposed hotel that will showcase our culinary and service excellence to global guests."
ITC Hotels already has a strong footprint across Delhi NCR with 10 properties and 1,599 keys across various brands, including ITC Hotels, Welcomhotel and Fortune.
Also Read: ITC Hotels Block Deal | BAT entities likely to sell up to 7% stake for ₹2,998 crore
Shares of ITC Hotels Ltd ended at ₹194.20, up by ₹0.33, or 0.17%, on the BSE today, January 9.
The allotment involves land with a ground coverage of around 3,648 square metres and a permissible floor area ratio of about 26,179 square metres. The land has been granted on a long-term lease for a period of approximately 91 years. The total lease premium payable for the allotment is ₹326.50 crore. A sub-lease cum development agreement will be executed between IICC and ITC Hotels in this regard.
According to the company, the transaction is domestic in nature. ITC Hotels has also clarified that neither the promoter nor the promoter group has any interest in IICC, and the allotment does not fall under related party transactions.
Also Read: ITC Hotels Q2 Results: Net profit jumps 74% to ₹133 crore; margin expands from last year
ITC Hotels said the proposed development will be a premium 5-star hotel featuring contemporary banqueting facilities and signature cuisine offerings. The hotel is intended to support and enhance Yashobhoomi's position as an international destination for conventions, conferences, exhibitions and large-scale events.
Anil Chadha, Managing Director of ITC Hotels Ltd, "Yashobhoomi is a game-changer for the MICE industry. It has already hosted a large number of trade shows and big conventions. ITCHL shall leave no stone unturned to create one of the finest hospitality offerings through the proposed hotel that will showcase our culinary and service excellence to global guests."
ITC Hotels already has a strong footprint across Delhi NCR with 10 properties and 1,599 keys across various brands, including ITC Hotels, Welcomhotel and Fortune.
Also Read: ITC Hotels Block Deal | BAT entities likely to sell up to 7% stake for ₹2,998 crore
Shares of ITC Hotels Ltd ended at ₹194.20, up by ₹0.33, or 0.17%, on the BSE today, January 9.
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