Govt looks to find a prospective operator for The Ashok Hotel by Dec-end

Centre working on open-ended lease agreement to enable sale of property at the end of the agreement period

The government is looking to find a prospective operator for The Ashok Hotel, New Delhi, by December end.

State-owned Indian Tourism Development Corp currently runs the hotel.

The Department of Investment and Public Asset Management (DIPAM) and the tourism ministry are working on a deal structure, which would be placed before the Cabinet Committee on Economic Affairs (CCEA).

Additionally, the lease is being structured in an open manner, suggesting that the entity operating the hotel may have the option of buying it outright at the end of the lease period, for a hefty price.

THE ELECTION CATCH

• Officials do not expect much disinvestment