ITC on Friday said it has acquired the entire share capital of Greenacre Holdings from Russell Credit, a wholly-owned subsidiary of the diversified conglomerate, at a cash consideration of ₹42.10 crore.
Consequently, Greenacre Holdings (GHL) became a direct wholly-owned subsidiary of ITC Ltd, the company said in a stock exchange filing.
Since the shares of GHL were acquired from Russell Credit Limited (RCL), a wholly-owned subsidiary of the cigarette-to-soap conglomerate, the acquisition would fall within related party transactions, it informed.
ITC has acquired the entire share capital of GHL from RCL as part of restructuring within the group.
GHL is engaged in property infrastructure maintenance, and providing engineering, procurement, construction management and project management consultancy services.