Sanjiv Puri has indicated that ITC wouldn’t buy BAT’s stake. So BAT may sell its stake to some private equity or strategic investor, if it wants. ITC already holds 18 per cent of EIH (Oberoi Hotels). Reliance Industries also holds about 17 per cent of EIH as a strategic investor.
LIC, the Indian government and various PSU insurance cos will hold around 15-16 per cent of ITC Hotels. Since successive governments have been backing the ITC management so far, it is quite possible that major institutional shareholders will continue holding the hotel shares as well.
disclosure: holding
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