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It is up to ITC to come up with a proposal: Oberoi

It is up to ITC to come up with a proposal: Oberoi

Kolkata: Warming up to rival ITC’s overtures, EIH Limited Chairman PRS Oberoi today said it is up to the hospitality-to-tobacco major to come up with a proposal for business partnership.

ITC, which has close to 15% stake in East India Hotels, in July had ruled out making a hostile bid. When asked if ITC was keen on taking over EIH and the Leela Group, Deveshwar had said: “These are good investments. We do not want to make any hostile bid."

When asked about his comments on Deveshwar’s desire for entering into a ‘business partnership´ with EIH by virtue of acquiring 14.96% stake, Oberoi said, “It is up to them to come up with a proposal."

To a query, he said promoters’ shareholding in the company is 46.42%. “We are increasing it subject to five per cent per annum as per SEBI rules."

Asked whether EIH was apprehending a hostile takeover bid by ITC, Oberoi said “Deveshwar only said that ITC was not keen on a hostile takeover bid."

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