Multi-segment player ITC had earlier expressed interest in buying more stake in East India Hotels. This followed the new takeover code which allows corporates to buy up to 25% in another company without triggering the compulsory open offer.
As fears of a buy-out loomed large, PRS Oberoi, chairman of EIH today assured shareholders that ITC will not own their company, reports CNBC-TV18. ITC currently holds 14.98% in EIH.
Oberoi, however, mentioned that he wouldn't mind Reliance increasing its stake in the company as a friendly stakeholder. Inviting the company to join the board of EIH anytime, he confirmed that EIH was indeed looking forward to form a joint venture with Reliance for hotels and real estate business in Bangalore and Goa. This follows EIH
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