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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.
Reported by: PTI New Delhi September 20, 2017 17:32 IST
PTI

As part of the disinvestment exercise, the Centre today decided to exit three ITDC hotels including Jaipur Ashok and handover them to the state governments concerned. The Union Cabinet approved the transfer of Hotel Jaipur Ashok and Lalitha Mahal Palace Hotel, Mysore, to the governments of Rajasthan and Karnataka, Finance Minister Arun Jaitley said. It also cleared disinvestment of ITDC's 51 per cent 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, 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.

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.