ITC to add 2,500 hotel rooms in 5 years; mulls healthcare foray

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Hyderabad | Published: July 3, 2018 4:54:08 AM

itc, itc companyThe company is planning an investment of rs 2,500 crore in Telangana to ramp up its existing business there.

ITC plans to invest Rs 25,000 crore in various sectors over the next five years. As part of this plan, the company is exploring new ventures, including foraying into the healthcare sector and a business plan is expected to be submitted to the board soon.

The company has signed an MoU with the Ministry of Food Processing to invest `10,000 crore for setting up 20 logistics parks across the country. While significant investments will be made to create tourism assets such as hotels, the rest will be in the food processing segment for setting up logistics parks, besides capacity addition in the paperboard business.

The company is planning an investment of rs 2,500 crore in Telangana to ramp up its existing business there.

“We have an investment plan of about `25,000 crore over the next five years and this would primarily go into both owning hotels and the managed hotel business. This would include addition of 2,500 rooms to take the total inventory to 12,000 in five years, from 9,500 now. It is expected to have 130 hotels from the present level of 107 hotels in the next five years,” MD Sanjiv Puri said.

The next large segment is the food processing sector and we have an MoU with the Ministry of Food Processing to invest `10,000 crore over the next few years to set up integrated consumer goods and manufacturing and logistics hubs on a pan-India basis,

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