ITC Says Report of Merging Hotel Unit With EIH ‘Baseless’

ITC Ltd. isn’t planning a venture to combine hotel operations with EIH Ltd., spokesman Nazeeb Arif said in a phone interview today.

ITC, India’s biggest cigarette maker and a hotel operator, and EIH, which runs the Oberoi Hotels and Resorts chain, have drawn up a plan to combine their hotel operations, the Financial Express reported, without saying where it got the information.

The report is “completely baseless,” Arif said.

To contact the reporter on this story: Siddharth Philip in Mumbai at sphilip3@bloomberg.net

To contact the editor responsible for this story: Arijit Ghosh at aghosh@bloomberg.net

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