In the first phase, three hotels including Hotel Lake View Ashok, Bhopal, Brahmaputra Ashok, Guwahati and Bharatpur Ashok, Bharatpur would be taken for divestment
GN Bureau | May 4, 2017
The cabinet committee on economic affairs has approved the proposal of disinvestment of hotels/properties of the India Tourism Development Corporation Ltd. (ITDC).
The decision on disinvestment has been made, keeping in view that managing hotels on professional lines is not the government’s work.
As part of the disinvestment policy, it has been decided to lease/sub-lease the hotels or properties jointly with the concerned states or return them to the states after fair valuation. The states would then have the option to upgrade and operate the hotels by involving the private sector or to utilize the properties as per their requirements. States have exercised their options accordingly, in each case going forward with the option best suited to their needs, in line with the overarching principle that it is not the business of government to manage hotels.
In the first stage of the disinvestment process, three hotels including Hotel Lake View Ashok, Bhopal, Brahmaputra Ashok, Guwahati and Bharatpur Ashok, Bharatpur would be taken for divestment.
In all three cases, the hotels are being given back to the concerned states. In Bhopal and Guwahati, ITDC is divesting its share of 51 percent in the joint venture company formed for operation of the hotels whereas in the case of Bharatpur, the unit which was only managed by ITDC is being returned to the state government.
As India gears up to celebrate its 71st Republic Day on January 26, it will host Brazilian president Jair Bolsonaro as the chief guest of the event that marks the day when the country formally adopted the Constitution as the guiding document. This will be Bolsonaro’s maiden visit, which he would like
With the outbreak of Coronavirus reported from China, India has started taking precautionary measures, and begun screening passengers of selected flights. “As of 21st January, a total of 43 flights and 9156 passengers have been screened for novel Coronavirus illness. Till now, no case
Every middle-class Indian dreams of a home coupled withlanded property to live off the rent. However, large initial investment, particularly inmetros, and low yields ensure that real estate is out of the reach of the common man. A return of 7-8 percent from commercial properties is considered highly commen
The Maharashtra State Election Commission has urged the residents to take advantage of the ongoing Electors Verification Programme (EVP) and register their names along with those of the members of their families in the electoral rolls. The drive, which started on November 11, 2019, will continue till Febru
The budget season is here, and the annual document has gone to print, beginning the lock-in period till its presentation in parliament on February 1. The Halwa ceremony, marking the commencement of the budget printing process, was held in North Block Monday morning in the presence of finance
Investment banker, venture capitalist and stock-market expert Vallabh Bhansali is the co-founder and chairman of Enam Group, a pioneering equity research company in the country. He is a promoter of spiritual and cultural traditions and also an expert on development economics, behavioural science and co