Indian Tobacco-to-Soap Conglomerate ITC Approves Hotel Spin Off

The board of ITC Ltd., an Indian cigarette-to-consumer goods conglomerate, approved the long-awaited spin off of its hotel business, which it expects will be listed as a separate entity in about 15 months.

ITC, which counts British American Tobacco Plc as its largest shareholder, said on Monday that investors will receive one share in the new hotel entity for every 10 they currently hold in the parent company — subject to approval from shareholders, creditors, stock exchanges and market regulators.

“The hotels business of ITC has matured over the years and is well poised to chart its own growth ...