‘The Ashok’, One of the iconic hotels located in the heart of the national capital, will soon be leased out to investors, according to the government plans for asset monetisation. The lease is expected to last 90-100 years. The details of the bidding process are being worked out by the Tourism Ministry and are likely to be completed in the current fiscal.
The idea is to turn this iconic building into a ‘multi-purpose’ one, housing several facilities including service apartments and a mall. Being close to the Diplomatic enclave, the service apartments could attract international dignitaries the official told PTI.
The government’s intention is not to ramp up collections from this lease but to utilise the full potential of the asset and turn it into a multi-purpose building like in foreign countries, the official said.
Last month, Finance Minister Nirmala Sitharaman launched the asset monetisation pipeline under which brownfield assets worth INR 6 lakh crore, in various sectors including road transport, railways, power, civil aviation, shipping ports and telecommunications may be monetised by the fiscal ending March 2025. The ownership control would be retained with the government.
This includes eight India Tourism Development Corp assets including “The Ashok” and the adjacent Hotel Samrat.