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Tata Group signs agreement with NDMC to operate Taj Mansingh for 33 years

Earlier, the Taj Mansingh was given to the Tata group in 1978 on a 33-year lease

Press Trust of India  |  New Delhi 

Taj Mansingh, hotel
Taj Mansingh

After the much delayed public e-auction of the iconic hotel in September last year, the has signed a formal agreement with the (NDMC).

After years of litigation and a bitter battle with the which had reached the Supreme Court, the Indian Hotels Company Limited (IHCL) retained the lease on the iconic property for another 33 years in a fiercely fought auction with rival in September last year.

"The revised agreement was signed on Thursday. From April 11, will get 32.5 per cent more revenue as against about 17.25 per cent.

"This is an achievement for us that we could finally plan the public auction, settle the legal litigation, auction the property and finally implement it on the ground," a senior official said.

The had retained the property at a license fees of Rs 7.03 crore per month including GST. Earlier, they were paying Rs 3.94 crore per month as license fees.

Earlier, the was given to the in 1978 on a 33-year lease, which ended in 2011. The company had since been given nine temporary extensions.

The civic body could not auction the property then as it was tied up in a legal battle with IHCL.

First Published: Fri, April 12 2019. 16:15 IST