+
Govt plans to monetise New Delhi’s Ashok hotel run by ITDC
Real Estate

Govt plans to monetise New Delhi’s Ashok hotel run by ITDC

The centre is planning to monetise The Ashok, a strategically located five-star hotel in New Delhi, operated by the India Tourism Development Corporation (ITDC).

The cabinet is likely to approve the asset monetisation plan by January.

The plan may be undertaken by the Cabinet by early next month, a government official told the media, adding that the Centre anticipates the hotel's monetisation to be done by December next year.

An empowered group may be installed by the Cabinet to operate the process, the official told the media, adding that three models have been presented. One is to lease the hotel on a standalone basis with the land parcel kept out of the process.

The Ashok, situated in the diplomatic enclave of Chanakyapuri in Lutyens’ Delhi, was opened in 1956. The sprawling property with 550 guest rooms is held by ITDC, in which the government holds an 87.03% stake.

There have been discussions over the past couple of years about the government aiming to monetise the hotel. Several other ITDC hotels, comprising Jammu Ashok in Jammu, Janpath in Delhi and Kalinga Ashok in Bhubaneswar, have been closed in recent years due to increasing losses.

A report issued by the Department of Investment and Public Asset Management (DIPAM) in 2020 had stated that the government could raise approximately Rs 7,500 crore by selling its hotel properties.

The asset monetisation plan is part of the disinvestment drive being spearheaded by the Centre. The finance ministry has set an ambitious goal of raising Rs 1.75 lakh crore via disinvestments in FY22. It is approximately five times the Rs 32,825 crore raised via divestments in the earlier fiscal.

Image Source

The centre is planning to monetise The Ashok, a strategically located five-star hotel in New Delhi, operated by the India Tourism Development Corporation (ITDC). The cabinet is likely to approve the asset monetisation plan by January. The plan may be undertaken by the Cabinet by early next month, a government official told the media, adding that the Centre anticipates the hotel's monetisation to be done by December next year. An empowered group may be installed by the Cabinet to operate the process, the official told the media, adding that three models have been presented. One is to lease the hotel on a standalone basis with the land parcel kept out of the process. The Ashok, situated in the diplomatic enclave of Chanakyapuri in Lutyens’ Delhi, was opened in 1956. The sprawling property with 550 guest rooms is held by ITDC, in which the government holds an 87.03% stake. There have been discussions over the past couple of years about the government aiming to monetise the hotel. Several other ITDC hotels, comprising Jammu Ashok in Jammu, Janpath in Delhi and Kalinga Ashok in Bhubaneswar, have been closed in recent years due to increasing losses. A report issued by the Department of Investment and Public Asset Management (DIPAM) in 2020 had stated that the government could raise approximately Rs 7,500 crore by selling its hotel properties. The asset monetisation plan is part of the disinvestment drive being spearheaded by the Centre. The finance ministry has set an ambitious goal of raising Rs 1.75 lakh crore via disinvestments in FY22. It is approximately five times the Rs 32,825 crore raised via divestments in the earlier fiscal. Image Source

Next Story
Technology

Six ways a smarter workflow leads to faster, more accurate bids

In today’s fast-paced civil construction environment, estimators need more than just solid numbers. They need smart, streamlined processes. This article explores six key ways connected workflows can transform the estimated approach, help in minimising risk, move faster, and improve accuracy. By integrating tools, data, and teams, one can produce stronger bids with less rework, fewer surprises, and more confidence. As an estimator, the job goes beyond producing numbers. They are responsible for delivering bids that are fast, accurate, and built to win. In today’s civil construction ind..

Next Story
Real Estate

Experion Launches Women-Only Co-Living Project in Greater Noida

Experion, part of Singapore-based AT Capital Group, has launched its first co-living space under its managed rental housing brand, VLIV, in Greater Noida. The all-women residence features 730 twin-sharing beds with a strong focus on safety, comfort, and well-being. VLIV has committed a $300 million investment to create a structured, service-led rental housing ecosystem in India. The brand aims to scale up to 20,000 beds in the next few years, with a long-term target of 100,000 beds nationwide. “India’s rental housing is fragmented. VLIV is our way of building long-term, dependabl..

Next Story
Infrastructure Urban

Officine Maccaferri Acquires CPT to Bolster Tunnelling Tech

Ambienta’s platform company, Officine Maccaferri S.p.A., has acquired CPT Group, a leading Italian developer of robotic prefabrication systems and digital control technologies for mechanised tunnelling. The move positions Maccaferri as a global player in integrated tunnelling solutions, blending traditional and advanced mechanised systems. Based in Nova Milanese, CPT serves major global contractors across Europe, Southeast Asia, and Australia. The company offers robotic prefabrication (Robofactory), productivity-monitoring software for Tunnel Boring Machines (TBMs), and eco-designed spa..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?