Battle for Taj Mansingh: Auction terms eased for Delhi's iconic hotel

Hotel chains can bid jointly if cross-holding is below 20%; asset, brand owners can team up for bidding on June 19

Hotel asset owners and brand owners can jointly as well as independently bid for the capital’s iconic luxury hotel Taj Mansingh provided the bidder meets eligibility conditions.

A fresh auction tender issued by the New Delhi Municipal Council (NDMC) on Wednesday also relaxed the earlier condition that stated two bidders cannot have a cross-holding of 5 per cent or above. The new cut-off has been set at 20 per cent and above, making both ITC and EIH (Oberoi Group, in which ITC holds 14.98 per cent) eligible to bid.

NDMC, which postponed the auction several times since January and then