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New Delhi April 27 India Tourism Development Corporation Ltd (ITDC) will form a joint venture with Aldeasa of Spain and subscribe to 50 per cent of the paid-up equity capital of the joint venture (JV) company.

According to a Union Cabinet decision, the formation of the proposed joint venture company would enable ITDC to effectively compete in the duty-free retail industry in India and also expand its business operation outside the country.

Other approvals

The Cabinet also gave its approval for the setting up of the Indian Institute of Space Science and Technology with an annual investment of Rs 270 crore and an annual recurring cost of Rs 40 crore.

Based on the recommendations of an Ad hoc Group of Experts on Empowerment of Central Public Sector Enterprises, the Union Cabinet approved a proposal to empower navratan and miniratna CPSEs' holding companies to transfer assets, floating of fresh equity and disinvestments of share holdings in subsidiaries.

This will be subject to the condition that the delegation would be in respect of subsidiaries of the holding company under the powers delegated to the navratna and miniratna CPSEs.

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