KOLKATA: ITC chairman Sanjiv Puri on Wednesday stated it isn’t ruling out the opportunity of restructuring completely different companies, together with the demerger of accommodations and even itemizing of ITC Infotech, a subsidiary of the FMCG-to-hotel-to-tobacco conglomerate.
On the firm’s AGM, Puri additionally stated it goals to optimize shareholder worth whereas addressing considerations over underperformance of ITC’s inventory worth. Shareholders used the AGM to boost the problem of demerger of the lodge in addition to the itemizing of ITC Infotech as a part of an organizational restructuring.
“We had stated final 12 months that we’ll take a look at an alternate construction, which we’re reiterating this time. We settle for that given the state of affairs confronted by the lodge trade, it isn’t the suitable time to do it. We should look ahead to the restoration,” Puri stated.
Puri stated lodge section is the worst hit although it has made some restoration, turning into cash positive within the second half of the earlier fiscal. In keeping with him, the state of affairs provides a possibility to have a look at different income streams as nicely. “We’re additionally how to herald operational efficiencies. And these are occurring. Our asset-light mannequin will assist us to develop sooner and optimize capital depth,” he stated.
On ITC Infotech, a wholly-owned subsidiary of ITC, Puri stated the corporate is making good progress and it will let the corporate develop this enterprise. “And, from time to time, these (itemizing) issues get evaluated and when it’s felt it’s the proper factor to do, it will likely be pursued.”