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Govt to off Load Its Stakes In Loss Making ITDC Hotels

May. 29 Economy, Glamour Comments

[New Delhi]Govt to off Load Its Stakes In Loss Making ITDC Hotels
14 out of 16 perennially loss making hotels owned by state-run ITDC will be sold off and the process to privatize them has already started, The Finance Ministry is taking forward the disinvestment plan to totally offload government’s stakes in all the ITDC-run hotels except the Ashoka and Samrat hotels in the national capital.
He said the government decided to privatize the hotels to improve the financial health of India Tourism Development Corporation (ITDC), a public sector undertaking that currently runs 16 hotels in
Delhi,
Patna,
Jammu,
Ranchi,
Bhubaneswar,
Puri,
Bhopal,
Bharatpur,
Jaipur,
Guwahati,
Mysore,
Puducherry and
Itanagar.
During NDA’s first stint in power between 1999 and 2004, the then Vajpayee government had divested its stakes in 18 ITDC hotels, bringing down the number of state-run hotels from 34 to 16.

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