ITC has acquired 96.825% of Wimco's equity share capital from Russell Credit, a wholly owned subsidiary of the company. The company has acquired the entire shareholding compromising 9,12,38,170 equity shares of Rs 1 each in Wimco’s share capital.
Pursuant to this acquisition, Wimco has become a direct subsidiary of the company with effect from September 29, 2011.
Recently, the company had acquired 26% stake in a 275-room, five-star luxury hotel property being developed by Noida-based Logix Group in Noida's Sector 105. The company plans to invest close to Rs 100 crore in the project and would also manage it under the top-end ITC hotels brand.
