ITC exits its joint venture Espirit Hotel


ITC sold its entire shareholding of 26 per cent, consisting of 4,65,09,200 equity shares in its joint venture Espirit Hotels Private Limited, the company announced through an exchange filing.

The company also added that it had sold all of its shares worth INR 10 and Espirit Hotels has ceased to be the company’s joint venture company.

ITC Hotels in June 2011 had bought 26 per cent stake worth INR 45 crore in a joint venture with Espirit Hotels to build a luxury hotel in Hyderabad.

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