ITC takes 87.06% equity share capital of Classic Infrastructure

CIDL is engaged in the business of property maintenance & management and its Networth as on March 31, 2015 and Profit after Tax for the year ended on that date are Rs. 8.44 crores and Rs. 20.16 lakhs, respectively.

ITC Limited has announced that Greenacre Holdings Limited (GHL) has acquired 87.06% of the equity share capital of Classic Infrastructure & Development Limited [CIDL an associate of Russell Credit Limited (RCL)], at an aggregate consideration of Rs.11.38 crores.

GHL is a wholly owned subsidiary of RCL, which a wholly owned subsidiary of ITC Limited (ITC).

CIDL having become a wholly owned subsidiary of GHL and also of RCL, has also become a wholly owned subsidiary of ITC with effect from December 7, 2015. CIDL is engaged in the business of property maintenance & management and its Networth as on March 31, 2015 and Profit after Tax for the year ended on that date are Rs. 8.44 crores and Rs. 20.16 lakhs, respectively.