ITDC targets topline of Rs900 cr by 2010

ITDC targets topline of Rs900 cr by 2010
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First Published: Sun, May 11 2008. 12 50 PM IST
Updated: Sun, May 11 2008. 12 50 PM IST
By PTI
New Delhi: State-run India Tourism Development Corporation, which operates hotels under brand ‘Ashoka´, expects revenues from the two properties that are to be transferred to it would take its turnover to Rs900 crore by 2010.
The Delhi government and union government are in the process of transferring the Municipal Town Hall building in Chandni Chowk and Akbar Bhawan, respectively, to ITDC, which plans to convert these into hotels to augment its income.
“As soon as the revenues from these projects start coming, the overall revenue of the corporation would be increased to Rs900 crore,” an ITDC official told PTI.
ITDC is expected to have clocked revenues of around Rs500 crore in the last fiscal and net profit of around Rs105 crore.
Both these properties are located in the prime locations and are also known for their rich heritage value. According to industry experts, these sites have potential for commercial use particularly from tourism purposes.
Akbar Bhawan is presently under the ambit of Ministry of External Affairs, which is using it as office. The government has already taken the decision and by the end of 2009, it would be transferred to ITDC for renovation and other civil works.
The Delhi government plans to convert the 142-year-old Municipal Town Hall building into a hotel that will offer a slice of British Raj along with of Old Delhi culture and cuisine. The state is presently talking to ITDC for the purpose.
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First Published: Sun, May 11 2008. 12 50 PM IST