ITC’s arm acquires 87.06% stake of CIDL for Rs 11.38 crore
Date: 08-12-2015ITC’s step-down subsidiary - Greenacre Holdings (GHL) has acquired 87.06% of the equity share capital of Classic Infrastructure & Development (CIDL) at an aggregate consideration of Rs 11.38 crore. CIDL is an associate of Russell Credit (RCL).
GHL is a wholly owned subsidiary of RCL, which a wholly owned subsidiary of ITC. CIDL having become a wholly owned subsidiary of GHL and of RCL and it has also become a wholly owned subsidiary of ITC with effect from December 07, 2015.
CIDL is engaged in the business of property maintenance & management and its net-worth as on March 31, 2015 and Profit after Tax for the year ended on that date are Rs 8.44 crore and Rs 20.16 lakh, respectively.
ITC has business a 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.