Bidders for ITDC hotels feel that dramatic turnarounds in their financial performance are not possible unless major changes at the management level are made. The estimates for the properties arrived at by ITDC are quite ambitious, they claim.
The government has garnered over Rs 20 crore from the sale of five ITDC properties, all of which were making losses. In addition, it has received a 30-year lease bid of Rs 4.11 crore per year for the Bangalore property, which has been in the red for the last four years.
While the Mamallapuram property is likely to turn around next year, the others are expected to significantly pare their losses, according to ITDC
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app