The government has called fresh bids for appointment of a financial advisor to manage privatisation of the public sector hospitality firm India Tourism Development Corporation (ITDC).
The government last month cancelled the mandate given to HSBC Investment Bank to manage the ITDC selloff, saying the terms of reference for the sale had changed.
Divestment in ITDC is part of the Rs 10,000 crore selloff programme for the current fiscal outlined by finance minister Yashwant Sinha in the Union budget for 1999-2000.
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But the decision to go in for fresh bids would make ITDC an unlikely participant in the divestment programme before the end of the current fiscal.
ITDC was one of the first batch of companies in which the government had planned strategic sales.The others included Modern Foods, Kudremukh Iron & steel and Balco.
ANZ Investment Bank is the global advisor for Modern Foods, Dresdner Kleinwort Benson for Kudremukh Iron & Steel and Jardine Fleming for Balco.