Speed Post News Network
New Delhi : The Cabinet Committee on Economic Affairs chaired by PM Narendra Modi has approved the initiation of the process of disinvestment of hotels/properties of the India Tourism Development Corporation Ltd. (ITDC).
The decision on disinvestment has been made keeping in view that running and managing hotels on professional lines is not the work of the government or its entities. Further, there has been considerable development in the hospitality sector in the country in past years, with world class hotels and all leading international chains of hotels present in the country and providing services and facilities of highest standards, according to a PIB release.
As part of the disinvestment policy, it has been decided to lease/sub-lease the hotels / properties jointly with the states concerned or return the properties to the states after fair valuation. The states would then have the option to upgrade and operate the Hotels by involving the private sector or to utilize the properties as per their requirements.
In the first stage of the disinvestment process, three hotels listed have been taken up for disinvestment: Hotel Lake View Ashok, Bhopal, Hotel Brahmaputra Ashok, Guwahati, and Hotel Bharatpur Ashok, Bharatpur.