ITC Hotels has made a strategic move to expand its presence in Kerala by signing definitive agreements with Silvercastle Holidays and Resorts. The deal introduces the 'Storii by ITC Hotels Wayanad Silverwoods,' a 62-room property situated alongside the picturesque Banasura Sagar Dam in Wayanad, Kerala.

Expansion into Kerala

This agreement marks a significant milestone for ITC Hotels as it debuts its Storii brand in Kerala, further strengthening the hotel chain's footprint in the state. The choice of Wayanad as the location for this new property underscores the company's recognition of Kerala's diverse landscapes and rich cultural heritage.

Strategic Partnership

Anil Chadha, Managing Director of ITC Hotels, emphasized the compelling factors that led to this partnership. He highlighted Kerala's unique blend of natural beauty and cultural significance, making it an attractive destination for the hospitality industry.

Storii by ITC Hotels

The Storii brand operates as a collection of boutique properties, offering guests a more intimate and localized experience. This new addition in Wayanad aligns with the brand's ethos of providing distinctive stays in captivating locations.

ITC Hotels' Growing Portfolio

With this latest addition, ITC Hotels continues to expand its impressive portfolio. The company now boasts:

• Over 140 hotels
• More than 13,000 keys
• Presence in 90 destinations across India

This extensive network demonstrates ITC Hotels' commitment to providing diverse hospitality experiences throughout the country.

The launch of 'Storii by ITC Hotels Wayanad Silverwoods' not only enhances ITC's presence in Kerala but also adds a unique offering to the state's tourism landscape. As the hospitality industry continues to evolve, ITC Hotels' strategic expansion and brand diversification position it well to cater to the changing preferences of modern travelers.

ITC Hotels is at the center of attention as British American Tobacco (BAT) awaits crucial approval from the Reserve Bank of India (RBI) to proceed with the sale of its 15.29% stake in the company. This development marks a significant potential shift in the ownership structure of one of India's most diversified conglomerates.

Regulatory Hurdle

The proposed transaction, which involves BAT divesting its substantial stake in ITC Hotels, is currently pending regulatory clearance. The Reserve Bank of India's approval is a critical step in the process, highlighting the stringent regulatory environment surrounding significant foreign investment transactions in India.

Implications for ITC Hotels

ITC Hotels, known for its diverse portfolio spanning FMCG, hotels, paperboards, and agriculture, could see a notable change in its shareholder composition if the sale goes through. The 15.29% stake represents a considerable portion of the company's ownership, and its potential sale could have implications for ITC Hotels' strategic direction and governance.

Market Watch

Investors and market analysts are closely monitoring this situation, as the outcome could potentially impact ITC Hotels' stock performance and future business strategies. The sale, if approved, might also attract new institutional investors or strategic partners to the company.

Next Steps

While BAT waits for the RBI's decision, both companies are likely preparing for various scenarios. The timeline for the RBI's decision remains unclear, leaving stakeholders in anticipation of this significant corporate move.

As this story develops, further updates on the regulatory approval process and potential buyers for BAT's stake in ITC Hotels will be of keen interest to the market.