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FOUR MORE ITDC HOTELS SOLD FOR RS 85 CRORE 

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FROM OUR CORRESPONDENT   |     |   Published 31.05.02, 12:00 AM

New Delhi, May 31 :    New Delhi, May 31:  The Cabinet Committee on Disinvestment (CCD) today approved bids for sale of four ITDC hotels at Kovalam, Calcutta, Aurangabad and Manali which would fetch the government over Rs 85 crore. The panel also decided to offer 51 per cent equity to a strategic partner in loss-making Fertiliser and Chemicals Travencore Ltd (FACT). Disinvestment minister Arun Shourie said, 'While bids for ITDC's loss-making properties at Kovalam, Calcutta, Aurangabad and Manali were approved, there was no taker for its hotel at Khajuraho.' The Airport Ashok in Calcutta went to Bright Enterprises, a subsidiary of the MBD group, for Rs 20.02 crore as against the reserve price of Rs 14.83 crore. The Kovalam Ashok Beach Resort was bagged by M Far Hotels for Rs 43.68 crore against the reserve price of Rs 41.7 crore. T. Mohammad Ali, who owns M Far, also owns Cochin Meridien, Cochin Airport Hotel and two other hotels in Trichur. Hotel Aurangabad Ashok and Hotel Manali Ashok were bagged by Lok Sangam Hotels and Resorts and Auto Impex Ltd respectively. Lok Sangam Hotels shelled out Rs 17.40 crore for Aurangabad Ashok against a reserve price of Rs 15.05 crore. Auto Impex Ltd paid Rs 4 crore against a reserve price of Rs 1.91 crore for Manali Ashok. Shourie said, 'The four properties together posted a loss of over Rs 11 crore on sales of Rs 17.3 crore during 2001-02.'    
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