The Hindu Business Line : Sale of 4 ITDC hotels cleared

M Far Hotels Ltd promoted by Dr P Mohd Ali & family has acquired the Kovalam Ashok Beach Resort for a consideration worth Rs 43.68 crore. The bid submitted by M Far Hotels was higher than the reserve price of Rs 41.75 crore set by the Government, the Union Disinvestment Minister, Mr Arun Shourie, said here. ITDC's property at Hotel Airport Ashok in Kolkata including the airport restaurant and flight kitchen was sold to Bright Enterprises Private Ltd for Rs 20 crore as against a reserve price of Rs 14.84 crore. Loksangam Hotels & Resorts Pvt Ltd has bagged the ITDC property at Aurangabad including the airport restaurant for Rs 17.40 crore which was higher than the reserve price of Rs 15.05 crore. Auto Impex Ltd had acquired the Hotel Manali Ashok property at Rs 4.00 crore as against the reserve price of Rs 1.91 crore, Mr Shourie said.

The bid price is inclusive of the upfront payments to be made by the successful bidders towards specified liabilities on account of VRS compensation including gratuity to be paid to the employees.

Send this article to Friends by E-Mail

Stories in this Section
Ministry for relook at expenditure data

No givers, no takers

Why should PSUs hold huge reserves: Shourie

We've enough petro product reserves: Naik

Delhi power distribution privatised

MERC orders probe into power crisis

DFID-funded power supply control centre commissioned

Court quashes CBDT order on tax relief to Mauritius FIIs

Single comprehensive law for SSI sector in offing

AP Minister defends water tariff hike

AP: PG medical admissions with 5-year bond