Comments
India Tourism Development Corporation (ITDC), a Central Public Sector Enterprises under the Tourism Ministry, could be the first in line to be divested strategically, Finance Minister Arun Jaitley said here on Thursday. “When I say strategic, there are some on which there is no difficulty in even strategic sales. I think the Ministry of Tourism themselves may take some initiatives,” Jaitley said at a press conference.
At present, ITDC has a network of eight Ashok Group of hotels, five joint venture hotels, one restaurant, 11 transport units, nine duty-free shops at airports and seaports, besides managing a hotel at Bharatpur and a restaurant at Kosi on behalf of the Department of Tourism.
The Finance Ministry has budgeted ₹28,500 crore to be realised through strategic sale of CPSEs during the current fiscal.
Strategic sale means shedding over 51 per cent stake and management control to a strategic partner.
The previous NDA regime had sold shares through strategic sale (involving an effective transfer of control and management to a private entity) and through an offer for sale to the public. The PSUs in which equity was offloaded include Balco, HZL, CMC, ITDC, VSNL, Maruti Suzuki, Jessop & Company, Hotel Corporation of India and Indian Petrochemicals.
The Ministry also plans to raise ₹41,000 crore through selling minority stake in CPSEs, over and above the target for strategic sale.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.