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Jump to full article: The Telegraph (Calcutta) (in), 2009-07-24
Author: OUR SPECIAL CORRESPONDENT
Intro: ITC today invited hotel rival EIH to explore future development jointly, after toying with the possibility of a hostile takeover of the Oberoi company for years.
Yogi C. Deveshwar, chairman of ITC, said the company was open to collaborating with other hotel companies, including EIH and Hotel Leelaventure. ITC has stakes in both the companies.
He ruled out a hostile takeover of EIH, in which it has a 14.98 per cent stake. Deveshwar said the investments in EIH and Hotel Leela had appreciated Rs 600-700 crore.
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