Bidding for ITDC divestment soon

Bidding for ITDC divestment soon
SANTANU GHOSH

NEW DELHI, NOV 22: The government is likely to come out with the expression of interest (EoI) for the disinvestment of India Tourism Development Corporation (ITDC) by the end of the month. The terms and conditions of the EoI are almost finalised and the government is likely to go for two rounds of bidding - technical and financial.

According to sources in the Department of Disinvestment (DoD), the EoI would entail detailed conditions on the experience of the bidders in the hotel business. It would also put terms and conditions on the net worth of the potential bidders.

Apart from ITC, other major likely bidders for ITDC disinvestment include Accor and the Taj Group. Giving details of the disinvestment programme, sources said that separate rounds of bidding will take place for each of the hotels under ITDC. In some cases ITDC owns the hotel land, while in others the land has been leased out to it in the event, it will not be possible to bid for all the ITDC hotels as a package.