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Centre to exit 3 ITDC hotels, handover stakes to state govts

As part of the disinvestment excercise, 3 ITDC hotels will be handed over to Rajasthan, Karnataka, Arunachal governments.

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Hotel Jaipur Ashok, Jaipur

Hotel Jaipur Ashok, Jaipur

The Cabinet Committee on Economic Affairs (CCEA) chaired by the Prime Minister Shri Narendra Modi has given its approval to the transfer of Hotel Jaipur Ashok, Jaipur and Lalitha Mahal Palace Hotel, Mysore, units of India Tourism Development Corporation Ltd (ITDC) to Government of Rajasthan and Government of Karnataka, respectively and disinvestment of ITDCs shares in M/s Donyi Polo Ashok Hotel Corporation.

As per disinvestment policy of the Government of India, it has been decided to lease/sub-lease the ITDC hotels/ properties jointly with the States and where States have not agreed to the proposal of leasing/sub-leasing, the properties may be returned back to the States at their officially valued price. The policy has been formulated keeping in view that running and managing hotels on professional lines is not the job of Government or its entities.

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.

Briefing the media after the Cabinet meeting, chaired by Prime Minister Narendra Modi, Finance Minister Arun Jaitley said that as per valuation the Jaipur property would fetch the Centre Rs 14 crore, Mysore Rs 7.45 crore and Itanagar Rs 3.89 crore.

This is as per disinvestment policy of the Government of India wherein ITDC (India Tourism Development Corporation) Hotels and properties are to be leased or sub-leased jointly with states, he said.

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