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Thursday, May 30, 2002

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CCD to discuss FACT, ITDC deals tomorrow

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THE Cabinet Committee on Disinvestment (CCD) is slated to meet on May 31 to discuss proposals for privatisation of the Kerala-based Fertilisers and Chemicals Travancore Ltd (FACT) and finalise the deals for about 4 hotel properties of Indian Tourism Development Corporation (ITDC).

The Ministry of Disinvestment has piloted a proposal to disinvestment 51 per cent of the Government's equity in FACT to a strategic partner along with transfer of management control, Government sources said.

The Core Group of Secretaries on Disinvestment met on Tuesday to clear the bids for disinvestment in ITDC hotels.

The 4 ITDC properties which are expected to be cleared on May 31 include Kovalam Ashok Beach Resort, Hotel Airport Ashok at Kolkata, Aurangabad Ashok and Manali Ashok.

The Disinvestment Ministry will also seek CCD approval to re-bid the Hotel Ashok property at Kajuraho since no bids were received in the last round.

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