ITC plans 3 new hotels at Rs 1,000cr

As part of its expansion plan, ITC will build three new super deluxe luxury hotels in Chennai, Bangalore and Hyderabad at a cost of Rs 1,000 crore.

"The hotels would be functional in the next two to three years," Y C Deveshwar, chairman of ITC, said today.

ITC presently runs 66 hotels across 50 countries.

Deveshwar declined to comment on the recent attempts of the central government to recover excise arrears amounting to rs 803 crore by modifying past excise rules.

"The company's board of directors will meet soon and decide the future course of action," Deveshwar said.