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CCD approves sale of ITDC hotels

The Cabinet Committee on Divestment accepted the bids for the sale of five Ashok hotels at Agra, Madurai, Bodh Gaya, Hassan and Mamallapuram for Rs 191 million in the first tranche of divestment of ITDC properties.

The Hotel Ashok, Bangalore, would be given on lease for Rs 41 million.

There was no lease bid for Hotel Ashok, New Delhi, primarily due to the dispute over land tax. The proposed sale of Hotel Ashok, Manali, also did not get any bid. The process for the two would be restarted in the first fortnight of January 2002, Divestment Minister Arun Shourie told reporters.

The CCD, presided by Home Minister L K Advani, decided that another 25 per cent of government stake would be sold in the market at a later stage, giving the first right of refusal to the strategic partner.

UNI

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