ITC Inns Share Worth: Debuts on bourses, set to increase portfolio to over 200 inns in 5 years

 Sanjiv Puri, Chairman, ITC Inns Ltd.: “ITC Inns is dedicated to attaining new international benchmarks in hospitality whereas staying rooted in its imaginative and prescient of sustainability and inclusivity”. File photograph
| Picture Credit score: PTI

ITC Inns, the brand new entity fashioned consequent to demerger of ITC’s hospitality enterprise, obtained listed on the inventory exchanges Wednesday (January 29, 2024) and with it introduced plans to increase its portfolio to over 200 inns.

The growth as a part of an asset proper technique may have it increase footprint throughout India and in proximal markets. From the over 140 properties with 13,000 keys throughout 90 plus areas it operates now, the plan is to increase the portfolio to greater than 200 inns with 18,000 keys in subsequent 5 years, with roughly two-third salience of managed properties, the brand new pure play hospitality participant mentioned.

As many as 30 inns had been launched since 2023 and the strong goal is so as to add no less than one lodge a month on a mean over the subsequent 24 months, it mentioned. The well-diversified ITC Ltd will retain a 40% stake in ITC Inns with the remaining 60% distributed amongst current shareholders of the mother or father agency.

The brand new entity whereas accelerating its impartial development trajectory may also proceed to leverage ITC Ltd’s institutional strengths, globally acclaimed sustainability credentials, high-quality expertise pool, digital capabilities, strong governance and sourcing of high quality merchandise. ITC Inns mentioned it has debuted with zero-debt steadiness sheet and a money/money equivalents of ₹1,500 crore to cater to deliberate development and contingency necessities.

The debut on the bourses was somewhat tepid with the inventory itemizing at ₹188 every on the BSE and after inching as much as ₹189 was 5% down at ₹178.60 round 12.30 p.m. On the Nationwide Inventory Alternate (NSE), ITC Inns opened at ₹180 and by the identical time went all the way down to ₹172 earlier than recovering to ₹175.

“Itemizing of ITC Inns marks not only a new chapter for the ITC Group’s hospitality enterprise however a daring step ahead in our dedication to creating enduring worth for all stakeholders. ITC Inns is dedicated to attaining new international benchmarks in hospitality whereas staying rooted in its imaginative and prescient of sustainability and inclusivity… future guarantees thrilling alternatives to increase, innovate and redefine luxurious experiences,” Chairman Sanjiv Puri mentioned in a launch.

“ITC Inns is able to take daring strides as an impartial, agile and pure play hospitality entity. We goal to be a world chief in Indian hospitality,” Managing Director Anil Chadha mentioned.