India’s ITC hotel group trying to ruin hotel deal with Brookfield: Leelaventure promoters

Leelaventure sold four hotel properties to the Canadian asset management firm

Image used for illustrative purpose only. Image courtesy: Leelaventure Udaipur
Image used for illustrative purpose only. Image courtesy: Leelaventure Udaipur

Promoters for Indian hotel Leelaventure, which sold four of its hotels to Canadian asset management firm Brookfield, revealed that minority shareholder ITC hospitality group was trying to ruin their deal.

According to the Economic Times, promoters said that ITC could be doing this as Brookfield could pose challenges to the group in the hotel industry in India.

Reports suggest that ITC held a 7.92% stake in Leelaventure at the end of March.

The group had then moved the National Company Law Tribunal (NCLT) by complaining about oppression of minority shareholder interest. ITC also complained about mismanagement by the promoters.

Leelaventure reportedly told NCLT that ITC wanted to block this deal, as it didn’t want to face a major hospitality group like Brookfield, with hotel assets valued in billions of dollars.

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