ITC mulls acquiring hotels

ITC mulls acquiring hotels
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First Published: Thu, Dec 11 2008. 02 21 PM IST
Updated: Thu, Dec 11 2008. 02 21 PM IST
PTI
New Delhi: Diversified business group ITC today said it is considering to acquire hotels as there are attractive valuations as a result of the current global economic downturn.
“We are looking for operations to buy assets, particularly in hotel area. We will buy where asset prices are feasible and we are looking at all categories ranging from 3 to 7 star hotels,” ITC Chairman Y C Deveshwar said on the sidelines of CII summit here.
He said that the company has cash surplus and will take the opportunity of economic slowdown to acquire assets as asset value at present is very attractive.
Regarding capital expenditure plans, he said that the company is not revisiting it. “We will stick to our capex plan,” he said.
Last year, the company had said it plans to invest about Rs15,000 crore in the next five to seven years in areas such as hotels, agri-business and FMCG.
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First Published: Thu, Dec 11 2008. 02 21 PM IST