M&A

M&A

ITC to exit JV with Logix set up for developing Noida hotel

Business Line  

Publicly listed diversified conglomerate ITC Ltd is planning to exit its joint venture (JV) with Delhi-based Logix Estates. The matter will come up for hearing before the National Company Law Tribunal (NCLT) later this month. Logix has also filed a petition before the Delhi High Court for winding up the JV company, which was transferred to the NCLT. The JV, Logix Developers Pvt Ltd (LDPL), was set up for developing a luxury hotel-cum-service apartment complex at the company's leasehold site located at Sector 105 in New Okhla Industrial Development Authority (Noida) in Uttar Pradesh. ITC holds 27.9% equity stake in LDPL.