ITC Limited announced that the National Company Law Tribunal (NCLT), Kolkata Bench, has sanctioned the Scheme of Arrangement for the demerger of its hotels business into ITC Hotels Limited. The company received a certified copy of the order on December 16, 2024.
Both ITC Limited and ITC Hotels Limited have mutually confirmed that all conditions specified under the scheme, including the filing of the order with the Registrar of Companies, West Bengal, have been fulfilled.
As per the scheme, the Appointed Date and Effective Date for the demerger will be January 1, 2025.
The demerger aims to create strategic focus for the hotels business while unlocking value for shareholders, as previously outlined by the company.