p"It is possible to build a global hotels business byowning and managing properties overseas. This objective is part of the company's strategic direction and will be embarked upon after establishing a dominant position for the ITC Welcomgroup in India," ITC Hotels chairman Y C Deveshwar said addressing the annual general meeting here today.

ITC Hotels's second property in the capital Welcom Hotel will open within the next few months as part of parent company ITC Ltd's strategy to add 1500 rooms with an investment of Rs. 1500 crores over the next three years, Deveshwar said.

"Ansal Hotels, in which ITC Hotels has now acquired acontrolling stake is expected to open shortly. It will be the company's second hotel in the company and the first to carry the WelcomHotel prefix," he said adding the 80-room super deluxe extension project of the Maurya Sheraton in Delhi rechristened ITC One has been completed.

ITC Hotels has posted a net profit of Rs. 11.97 crores in1999-2000 and declared a dividend of 10 per cent.

Updating shareholders on the status of various projects, Deveshwar said that the super deluxe property ITC Grand Maratha near Sahar airport in Mumbai would be commissioned later in the year while work on a second hotel near Upper Worli had begun.

Parent company ITC Ltd has acquired land in Calcutta at a cost of Rs 256 crore for developing an upscale hotel while the construction of another hotel ITC Sonar Bangla is continuing. The company has also repositioned its brands with a decision to prefix the names of its super deluxe hotels with the ITC prefix, the 5-star category hotels to carry the brand name Welcom Hotel while Fortune Hotels of which four are in operation and five more under development, will cater to the mid-market segment, he said.

Among its subsidiary companies, ITC Kakatiya Sheraton, owned by Sreenivasa Resorts Ltd, maintained its leadership in Hyderabad with turnover and net profit increasing by 12 per cent and 29 per cent respectively while Bay Island Hotels' property in Port Blair earned a net profit of Rs 21.92 lakh in 1999-2000. Maharaja Heritage Resorts Ltd, its joint venture with Marudhar Hotels has 18 operating properties under the Welcom Heritage banner. (PTI)