Govt approves disinvestment of three ITDC properties

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


#PSU   #ITDC   #Tourism  

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.
 

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