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ITC Hotels
BSE: 500216|NSE: ITCHOTEL|ISIN: INE379A01010|SECTOR: Hotels
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ITC Hotels is not traded in the last 30 days
ITC Hotels is not traded in the last 30 days
Company History - ITC Hotels
ITCH was originally incorporated as Rama Hotels Pvt Ltd in 1972. In
 1974, the Company acquired a 4-acre plot of land from Karnataka
 board. The Company was renamed as Vishwarama hotels in 1973. The
 Vazir Sultan Tobacco Co Ltd. (VST) acquired this company in 1980-81.
 A luxury hotel in Bangalore commenced operations in 1982. The hotel
 was accorded 5 star status by the government in 1985. ITC Ltd. and
 its associates bought the entire equity capital from VST in 1984. The
 Company's name was changed to the existing name in 1986. ITCH acquired
 rights in Welcome Group Rajputana Palace Sheraton Hotel at Jaipur in
 1992 for a consideration of Rs418.2m. The company came with a rights
 issue of partly convertible debentures in April 1993 (to raise
 Rs500m) to fund the acquisition of Jaipur hotel from ITC and
 expansion of Bangalore hotel with an addition of up market 100 room
 tower block. 
 
 As a part of restructuring, in FY95, all the licensed hotels were
 transferred from the hotel division of ITC Ltd. to ITCH. The transfer
 was on the basis of operating license agreement under which fee linked
 to turnover was paid to ITC Ltd. The management team of hotel division
 of ITC Ltd. was also transferred to ITCH.  In the same year, the
 company opened `Grand Kakatiya Hotel' at Hyderabad.  The company also
 acquired plots of land at Calcutta and Mumbai for setting up new
 hotels.  The company made a  Rights issue at a premium of  Rs 110) 
 in the ratio of 3:10. In 1996 ,  the company entered into an
 operating services agreement to manage the Grand Bay Hotel at
 Visakhapatnam.  
 
 During 2000, the company acquired controlling equity stake of Ansal
 Hotels Ltd., representing 54.65 per cent of its subscribed capital.
 Hence, Ansal Hotels Ltd. became a subsidiary of the company and that
 of ITC Ltd. (the holding company of the company) with effect from
 12th
 July. It undertook re-branding exercise to enable the customers
 identify the products offered by the company. 
 
 Mr. S S H Rehman resigned as Managing Director of the company with
 effect from 30th July 2003 and Mr. Nakul Anand was appointed as
 Managing Director with effect from 30th July 2003. 
 
 2002
 
 -Appoints Mr Serajul Haq Khan and Mr K JayaBharath Reddy as the
 Additional Directors of the company.
 
 -Board approves the elevation of Mr Nakul Anand as Executive Director
 and Chief Operating Officer from his current position.
 
 2003
 
 -Mr S S Rehman ceases to be the Managing Director of the company.
 
 -Company's joint venture Welcome Heritage signs a franchise and
 management agreement with the Maharaja of Mysore Mr Srikanta Wodiyar
 to foray into South India.
 
 
 - Fortune Park Hotels, a wholly-owned subsidiary of ITC Hotels Ltd
 with hotels catering to the mid-price segment, has added one more
 property in the south.The chain which already has a strong presence
 in the southern part of India , now announces its 18th property that
 is strategically located at the industrially important city of
 Vijaywada
 
 2007
 
 - ITC Hotels will soon be increasing the value chain, on the back of
 its new association with its old partner Starwood Hotels and Resorts,
 by bringing the Luxury Collection of hotels to India.
Source : Dion Global Solutions Limited
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