Cyril Amarchand Mangaldas advises ITC Limited on demerger of its hotels business

ITC Limited has made a demerger of its hotels business, by way of a scheme of arrangement into ITC Hotels Limited, a wholly owned subsidiary of ITC.

Cyril Amarchand Mangaldas advised ITC Limited as sole transaction counsel on this transaction.

The General Corporate Practice team advised ITC Limited on the transaction. The transaction team was led by Cyril Shroff (Managing Partner) and Ramgovind Kuruppath (Partner) with support from Megha Krishnamurthi (Principal Associate), Pruthvi Jasani (Associate) and Suneha Kasal (Associate).

Strategic inputs on the transaction were provided by Anand Jayachandran (Partner) and advisory inputs were provided by Archit Bhatnagar (Principal Associate), Shreya Teewari (Senior Associate), Nikita Singhi (Associate) and Utkarsh Jhingan (Associate).

Kotak Investment Banking and PwC Business Consulting Services LLP acted as advisors for ITC Limited.

As part of the transaction, the scheme was approved by the board of ITC Limited on August 14, 2023 and is subject to requisite approvals including from the stock exchange, shareholders/ creditors, jurisdictional NCLT, etc. The transaction is expected to close in 12-15 months subject to receipt of requisite approvals. 

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