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ITDC seeks shareholders’ nod for divesting stake

India Tourism Development Corporation (ITDC) is seeking shareholders’ approval to divest stake in the undertakings and JV subsidiaries of the company. ITDC is looking to divest or offload its stake in all hotels run by it except Ashok and Samrat hotels in Delhi. The Ministry of Tourism has appointed transaction advisors to offload stake in Hotel Jaipur Ashok, Jaipur, Lalitha Mahal Palace Hotel, Mysore, Hotel Patliputra Ashok, Patna and Hotel Kalinga Ashok, Bhubaneswar.

ITDC came into existence in October 1966 and has been the prime mover in the progressive development, promotion and expansion of tourism in the country. The company is running hotels, restaurants at various places for tourists, besides providing transport facilities. In addition, the company is engaged in production, distribution and sale of tourist publicity literature and providing entertainment and duty free shopping facilities to the tourists.

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