The Cabinet Committee on Disinvestment (CCD) is expected to finalise the sale documents for privatisation of Videsh Sanchar Nigam Ltd (VSNL), IBP, Jessop and also, for the remaining properties of Indian Tourism Development Corporation (ITDC) and Hotel Corporation of India (HCI) in its next meeting slated on December 26.
After the shareholders and sharepurchase agreements are finalised, the government will call for financial bids for these companies. Bids for IBP are expected to be called within the next 15 days, while those for the hotel properties will be called around the mid of January, sources said.
The government intends to divest its stake in eight ITDC hotels in Delhi and one each in Varanasi, Udaipur and Manali. The strategy to be adopted for these as well as for the remaining properties of HCI will also be discussed at the meeting.
Ashok Yatri Nivas and Kanishka are being put on the block together as the government has found it difficult to disentangle the properties.
The issue of high lease rents of the hotel properties is also likely to be taken up in the meeting.
