Telangana, state IT Minister K T Rama Rao did not disclose the investment proposal by ITC, saying that talks are still in preliminary stages. Rao further said that ITC Group would be pumping in around Rs 700 crore for the proposed hotel.
ITC Limited has shown interest in setting up a food processing park in Telangana, state IT Minister K T Rama Rao said here today. He said the government has cleared a proposal by the hotel division of the multi-business conglomerate for setting up a five-star hotel in Madhapur area, the IT hub of the state capital.
"They (ITC) have approached us with a proposal for setting up a food processing park. We suggest them to set it up at Gajwel as it is nearer to the state capital and more apt," Rao told reporters on the sidelines of a national conference on packaging.
The minister, however, did not disclose the investment proposal by ITC, saying that talks are still in preliminary stages. Rao further said that ITC Group would be pumping in around Rs 700 crore for the proposed hotel. He said the government has already received proposals for expansion of ITC's existing paper plant at Bhadrachalam with an investment of Rs 3,000 crore.
Earlier, speaking at the two-day 'National Summit on Packaging for Tomorrow', Rao said his government is keen to work with corporates in waste management and recycling. In his address, Dr Reddy's Laboratories chairman K Satish Reddy said packaging innovations in pharmaceutical industry should be patient-friendly.
ITC stock price
On November 05, 2014, ITC closed at Rs 358.35, up Rs 3.40, or 0.96 percent. The 52-week high of the share was Rs 386.75 and the 52-week low was Rs 307.60.
The company's trailing 12-month (TTM) EPS was at Rs 11.62 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 30.84. The latest book value of the company is Rs 32.91 per share. At current value, the price-to-book value of the company is 10.89.
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