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Mumbai: ITC Hotels has picked a 26 per cent stake in a joint venture with Espirit Hotels to build a luxury hotel in Hyderabad.
The stake is valued at Rs 45 crore.
The project is at a planning stage and would be launched in this calendar year. The proposed project is close to the existing ITC Kakatiya in Hyderabad, in which the hotel chain holds 68 per cent, and also operates.
The hotels division of the Kolkata-based cigarette to retail conglomerate currently operates, owns and manages about 110 hotels spread across the four brands.
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