Itc To Pump Rs 200cr Into Classic

The board of ITC Ltd yesterday decided to support ailing financial services associate ITC Classic. The board agreed to purchase properties and land worth around Rs 200 crore from Classic. In addition, ITC Ltd has decided to back Classic for some more time, provided the Reserve Bank of India (RBI) and the banks which have extended loans to Classic agree on the revival plan for the company.

The board decision marks the culmination of several weeks of deliberations and speculation on the fate of ITC Classic. After a week-end meeting, the board yesterday decided that ITC will back Classic till a new partner