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ITDC to transfer Hotel Jaipur Ashok to Rajasthan government

LiveMint logoLiveMint 05-09-2017 PTI

New Delhi: Indian Tourism Development Corporation (ITDC) has executed a pact to transfer Hotel Jaipur Ashok to the Rajasthan government at a negotiated price of Rs14 crore.

A tripartite memorandum of understanding (MoU) has been executed amongst ITDC, ministry of tourism and the government of Rajasthan for transfer of Hotel Jaipur Ashok to the state government at a “negotiated value of Rs14 crore without any liabilities and encumbrances”, ITDC said in a filing to BSE.

The ITDC had earlier said in a letter dated 22 January 2016 that Rajasthan government, which had leased the property of Hotel Jaipur Ashok to ITDC, has desired it back.

The letter also mentioned that the process had been initiated by the tourism ministry to issue the request for proposal for appointment of transaction advisor who would value the properties and advise government on transaction.

Shares of ITDC on Tuesday closed at Rs510.20 per scrip on BSE, up 3.20%.

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