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Saturday, July 28, 2007

ITC to invest Rs 8,000cr in hotel business in Chennai, Bangalore and Ahmedabad

The ITC Limited will invest Rs 8,000 crores to set up hotels in Chennai, Bangalore and Ahmedabad. This was announced by ITC chairman Y.C. Deveshwar in Kolkata on Friday at a post-AGM press conference.

The company will construct three hotels at Bangalore and one each at Chennai and Ahmedabad. Earlier, the company had announced it would set up a hotel in Kolkata. “We have land at all the locations. We will soon start the construction work,” Mr Deveshwar said.

The company is planning to set up the country’s largest hotel at Chennai.

“We will construct an 825-room hotel at Chennai. In addition, our proposed hotel at Ahmedabad will be a seven star deluxe property,” Mr Deveshwar rev-ealed. Besides, the company is planning to set up a hotel project outside New Delhi.

When asked about the company’s retail plans, Mr Deveshwar said, “We have confined our retail initiative in two sectors, lifestyle stores in urban areas and chaupal sagar in rural areas. We will continue to focus in these two sectors only.”

He ruled out the possibility of setting up any hypermarket or supermarket. “The real estate price in the country should be realistic, We don’t think the prices are reasonable now,” he said.

Mr Deveshwar revealed that the company was planning to engage hawkers to sell the ITC’s fresh products only.

In the lifestyle retailing segment, ITC will increase the number of Wills Lifestyle and John Players stores. On the company’s investment plan in West Bengal, Mr Deveshwar said that ITC would invest Rs 1,500 crores in the state for setting up an experimental farm, food-processing unit with logistics infrastructure.



  • Bengaluru is a capital city in Karnataka. Karnataka is an enchanting land abounding in scenic beauty and rich in flora and fauna. Bangalore is called the "Garden City of India" with its many gardens and boulevards. Its pleasant climate and laid-back charm attracted many senior citizens and thus later on came to be called as "the retired man's paradise”. But today it is a thriving business center, focusing on information technology (IT). Bangalore is considered the IT capital of India. It is also called the "Silicon Valley of India", and has concentration of software technology related activity, which is similar to that of the Silicon Valley in California. Business travelers and leisure travelers, both can enjoy staying at budget hotels in Bengaluru. This hotels in Bengaluru have rooms which are spacious, contemporary, smart and best in class in the region. This hotel accommodation in Bengaluru has all the modern amenities. You can recreate yourself by visiting places like Lalbagh Gardens, Cubbon Park, Venkatapp Art Gallery, Musical Fountain, etc.

    By Anonymous Anonymous, At December 5, 2007 at 11:55 AM  

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