Page 19 - Itc Ltd News Today : Breaking News, Live Updates & Top Stories | Vimarsana

In the June quarter (Q1FY24), volumes are estimated to have risen by around 8%. This comes amid a relatively stable tax environment.

ITC's board also approved the demerger of hotels business, and set an indicative timeline of listing of the new firm in 15 months.

​​​​Last month, ITC announced its board has approved in-principle the demerger of the hotels business where ITC retains 40% stake and 60% will be owned directly by the companys shareholders proportionate to their shareholding in ITC. Puri said there is no change in economic interest of ITC shareholders in the new arrangement since they will hold 60% directly and 40% indirectly through their holding in ITC.

Terms of the demerger will be decided on August 14 when the ITC board meets to finalise the share swap ratio and the tobacco giant’s first quarter results

ITC Ltd chairman Sanjiv Puri said that the company's continued shareholding in the demerged hotel business entity is to provide stability, assure stakeholders and leverage institutional strengths. The company aims to sharpen capital allocation, asset efficiency ratios and unlock value for shareholders. Puri added that ITC has immense opportunity to grow its fast-moving consumer goods (FMCG) business and has launched nearly 300 new products in the past three years.