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NDMC defers auction of Taj Mansingh hotel: Media Reports

By Religare
|

Auction of Taj Mansingh hotel has been deferred by the New Delhi Municipal Council (NDMC) after the Union Home Ministry asked for cancellation of Tata Group-led Indian Hotels Company's first right of refusal, said the media reports.

The Taj Mansingh Hotel in New Delhi is managed by the Tata Group, but the building is owned by NDMC. The 33-year lease agreement between NDMC and Indian Hotels ended in October 2011. However, the lease was extended by a year last year to end in October 2013.

 

The civic body has decided to go for a public auction for the property, instead of renewing the lease in order to maximize the annual license fee, the report stated.

Nevertheless, since the Tata Group has run the property for 34 years, NDMC had earlier granted the group the right to match the highest bid during auction, but the union home ministry believes that grant of the right to first refusal to Indian Hotels would mean loss of revenue, the report added.

Read more about: indian hotels
Story first published: Friday, June 28, 2013, 22:58 [IST]
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