Diversified conglomerate ITC Ltd has fixed the effective date for demerger of its hotels business on January 1, 2025.

“ITC Ltd and ITC Hotels Ltd have mutually acknowledged that all the conditions specified in Clause 28 of the scheme have been fulfilled and satisfied… and accordingly, the appointed date and the effective date of the scheme shall be the first day of the following month i.e. 1st January, 2025,” ITC Ltd said in a stock exchange filing on Tuesday.

The Kolkata bench of the National Company Law Tribunal (NCLT) on October 4 sanctioned the scheme of arrangement amongst ITC Ltd and ITC Hotels Ltd and their respective shareholders and creditors.

“Company has received a certified copy of the order dated October 4, 2024 issued by the National Company Law Tribunal, Kolkata Bench, sanctioning the Scheme of Arrangement…copy of the said order was received by the company on December 16,” the filing added.