M&A

M&A

7 ITDC hotels to be monetised in 4 yrs

Economic Times  

As part of the National Monetisation Pipeline (NMP) released by Finance Minister Nirmala Sitharaman, government owned hospitality chain India Tourism Development Corporation (ITDC) is to divest Hotel Ranchi Ashok in Ranchi and Hotel Nilachal in Puri. ITDC's Anandpur Sahib Hotel would be privatised along with transfer of ownership. The present network of ITDC consists of four Ashok Group of Hotels, four Joint Venture Hotels, seven transport units part of the travel and tourism infrastructure, 14 Duty-Free Shops at Seaports, one sound and light show, and four catering outlets. The New Delhi-based Hotel Ashok would be monetised by way of a sub-lease, while Hotel Samrat would be given to private players under O&M (Operation & Maintenance) agreement. Hotel Pondicherry Ashok in Puducherry would be monetised through joint leasing, while for Hotel Kalinga Ashok in Bhubaneswar and Hotel Jammu Ashok in Jammu O&M contract model will be followed.