ITC Ltd.

ITC has emerged the “highest bidder” for the Park Hyatt Hotel at Cansaulim in Goa with an offer of Rs 515.44 crore. The bid value is equivalent to the reserve price set by the lender, IFCI. The auction was initiated under the SARFAESI Act, 2002.

ITC has already remitted 25 per cent (around Rs 129 crore) of the bid value. The residual 75 per cent will be paid within 15 days.

ITC, a diversified conglomerate has business interests in cigarettes, hotels, paperboards and specialty papers, packaging, agri-business, packaged foods and confectionery, information technology, branded apparel, personal care, stationery, safety matches and other FMCG products.