ITC Acquires Greenacre Holdings, Consolidates Property Infrastructure Maintenance
ITC Limited, a diversified conglomerate, has successfully completed the acquisition of Greenacre Holdings Limited (GHL). This strategic move is part of a broader restructuring within the group. It aims to strengthen ITC’s foothold in property infrastructure maintenance. It also enhances their consultancy services.
GHL is a company specializing in engineering, procurement, construction management, and project management consultancy. It has been acquired for an aggregate consideration of Rs 42.10 crores. The acquisition was finalized on November 29, 2024, and GHL has now become a direct wholly-owned subsidiary (WOS) of ITC.
In recent years, GHL has consistently demonstrated robust financial performance. The company reported turnovers of Rs 7.52 crores, Rs 5.95 crores, and Rs 6.39 crores in the fiscal years 2023-24, 2022-23, and 2021-22, respectively.
This acquisition aligns with ITC’s ongoing efforts to expand its presence in the property infrastructure maintenance sector. ITC plans to enhance its service offerings by integrating GHL’s expertise and resources. The company wants to cater to the growing demand for efficient and reliable property maintenance solutions.
In another significant development, ITC’s board has given approval. They will consolidate its shareholding in the renowned hospitality chains Oberoi and Leela. The company will acquire shares of EIH Ltd. and HLV Ltd. from its wholly-owned subsidiary, Russell Credit Ltd., at their respective book values. This move will further strengthen ITC’s position in the hospitality industry.