India: ITC & EIH to combine hotel biz, become largest hospitality chain | financialexpress.com
Diversified conglomerate ITC Group and hospitality major EIH have drawn up a blueprint to combine and emerge as the country’s largest hotel chain by revenues. Once the plan fructifies, it would see a three-way venture between the two groups and Reliance Industries (RIL) which recently picked up 14.8% stake in EIH. Currently, the Oberois hold 32% stake in EIH, while ITC holds 14.98%.
