The ITC Limited is in action to expand its hotel business by setting up two new ones in Kolkata and Chennai. An investment of Rs 860 Crore will be made over the 1.2 million sq feet hotel ITC builds in Kolkata, whereas work has already initiated on the 600-room property 'Grand Chola' in Chennai.  

It was informed by chairman YC Deveshwar that properties for setting up hotels has been already bought by the ITC at Ahmedabad and Hyderabad also. There is also a plan to create one on the outskirts of New Delhi. Speaking on the investment aspect, Deveshwar said, ‘We invested Rs 4,000 crore in our hotels business in the last two years. We would invest more this year and next year.’

Not just hotels, YC Deveshwar said that the ITC Limited is also looking forward to investing in other segments and is looking for joint investments. About Rs 1,200 Crore investment is being made on the ITC hotel that is coming up in Chennai and it is expected to get ready by 2010. The second hotel of ITC in Bangalore will be ready by next year.