Hotels next on the block for strategic sale: Jaitley

Says they have been approached by the ministries that own hotels to look at a possible disinvestment

Hotels managed by state-run India Tourism Development Corp may soon be sold. A clear indication on this came on Friday from Finance Minister Arun Jaitley, who also said his government's divestment strategy will be balanced.

"Already the target of disinvestment this year is very high. It stands at around Rs.69,000 crore of disinvestment and strategic asset sale. This even more than the complete disinvestment made by NDA-1 (National Democratic Alliance government's first tenure," he said at a press conference here.

"Apart from this, many ministries have approached me for disinvestment in their non-core sectors and we are looking at it. Our decision will be balanced and the process will be to divest or make a strategic sale as the case demands," he said.

"The major assets which are left now are the hotels. We have been approached by the ministries that own them to look at a possible disinvestment. The concerned secretaries and disnvestment secretary are reviewing the proposal."

The main holding arm for the government's interests in the hospitality and tourism trade are through the state-run India Tourism Development Corp. In the past, some major properties have been divested, including the Akbar and Lodhi hotels in the national capital.