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Business News/ Companies / Centre to exit 3 ITDC hotels, handover stakes to state govts

New Delhi: As part of the disinvestment exercise, the Centre on Wednesday decided to exit three India Tourism Development Corp (ITDC) hotels and handover them to the state governments.

The union cabinet approved the transfer of Hotel Jaipur Ashok and Lalitha Mahal Palace Hotel, Mysore, to the governments of Rajasthan and Karnataka, respectively, finance minister Arun Jaitley said. It also cleared disinvestment of ITDC’s 51% equity in Donyi Polo Ashok, Itanagar, in favour of Arunachal Pradesh, he said.

Briefing the media after the cabinet meeting, chaired by Prime Minister Narendra Modi, Jaitley said that, as per valuation, the Jaipur property would fetch Rs14 crore, Mysore Rs7.45 crore and Itanagar Rs3.89 crore.

This is as per disinvestment policy of the Government of India wherein ITDC hotels and properties are to be leased or sub-leased jointly with states, he said. The policy has been formulated in line with the view that running and managing hotels is not the job of the government or its entities.

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Updated: 20 Sep 2017, 05:02 PM IST
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