ITC to set up hotels in Kolkata and Chennai

Kolkata-based 5-star hospitality chain ITC Limited is expanding its hospitality business by setting up new hotels in Chennai and Kolkata.

The company would built a plush 1.6 million-sq ft hotel, in the heart of Chennai city, for an estimated investment of Rs 1,200 crore. The project is expected to be completed by 2010, the company said.

Similarly, ITC will also build a 1.2 million-sq ft hotel in Kolkata with an estimated investment of Rs 860 crore. ITC's second hotel in Bangalore would be ready in 2009,  an ITC official stated.

''We have land in Ahmedabad, Hyderabad and outside Delhi. We will set up hotels in these areas in the years to come. The company will also look at joint venture opportunities where it does not have land to do so,'' according to ITC chairman Y C Deveshwar.

Overall, the company is planning an expansion drive with an investment of around Rs4,000 crore in the next two years, he added.