Financial Daily from THE HINDU group of publications
Saturday, Feb 23, 2002
Industry & Economy - Disinvestment
DCA clears 2 ITDC properties demerger plan
NEW DELHI, Feb. 22
THE Department of Company Affairs (DCA) has cleared the demerger proposal of the two Indian Tourism Development Corporation's (ITDC) properties - Lodhi Hotel and Laxmi Vilas Palace Hotel, from its parent company.
"The demerger proposal for Lodhi Hotel, Delhi and Laxmi Vilas Palace Hotel, Udaipur, were cleared today,'' DCA officials told Business Line.
During the hearing, the only objection had come from the Maharana of Udaipur for Laxmi Vilas Palace Hotel.
"The matter was, however, sorted out,'' sources said.
These two properties were recently disinvested by the Government.
The Cabinet Committee on Disinvestment (CCD) had cleared the proposal for ITDC's Lodhi Hotel to Silverlink Holdings, Singapore for Rs 76.22 crore.
The reserve price for Lodhi Hotel was Rs 40.36 crore.
While for ITDC's Laxmi Vilas Palace Hotel in Udaipur, the highest bid of Rs 7.52 crore was submitted by Bharat Hotels Ltd.
The reserve price in this case was Rs 6.12 crore.
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