As part of its major expansion plans, ITC Ltd will build three new super deluxe luxury hotels in Chennai, Bangalore and Hyderabad at a cost of Rs 1,000 crore (Rs 10 billion).

"They would be functional in the next two to three years," Y C Deveshwar, chairman, ITC told reporters on the sidelines of a Confederation of Indian Industry function in Mumbai on Wednesday.

ITC presently runs 66 hotels across 50 countries.

The ITC chairman declined to comment on the recent attempts of the central government to recover excise arrears amounting to Rs 803 crore (Rs 8.03 billion) by modifying past excise rules.

"The company's board of directors will meet soon and decide the future course of action," Deveshwar said.