Cabinet approves increasing authorised capital of ITDC hotels

New Delhi, Nov 15 (UNI) The Union Cabinet today gave its approval for increasing the authorised capital of India Tourism Development Corporation (ITDC) from Rs 75 crore to Rs 150 crore by creation of 7.5 crore equity shares worth Rs ten each.

Briefing newspersons on the outcome of the Cabinet decisions, Minister for Parliamentary Affairs P R Dasmunsi said the increase in the authorised capital would enable ITDC to renovate its hotels so as to make them commercially competitive in the field.

Mr Dasmunsi said the Ashoka Hotel in the capital would be a major beneficary of the enhanced capital that would be put into the ITDC chain. Ashoka Hotel has been doing well, he said.

The Minister said while the NDA regime had decided to divest all ITDC Hotels, the UPA government is taking steps to strengthen them.

UNI