Tag Archives: ITDC

ITDC exits from Hotel Brahmaputra Ashok

Indian Tourism Development Corporation’s (ITDC’s) Hotel Brahmaputra, formerly known as Hotel Brahmaputra Ashok, is reportedly all set to close its operations from September 1 this year, according to Assam Tourism Development Corporation Limited (ATDCL). ATDCL has announced in a notification that all pre closure business deals pertaining to Hotel Brahmaputra will be handled by them. ITDC has already exited from Hotel Lake View Ashok, Bhopal; Hotel Brahmaputra Ashok, Guwahati, and Hotel Bharatpur Ashok, Bharatpur, as part of its disinvestment strategy. The disinvestment decision was reportedly taken at the Cabinet Committee on Economic Affairs (CCEA) meeting  chaired by Prime Minister Narendra Modi in May this year. (Source: Economic Times)    

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ITDC records Rs.109.60 cr turnover in Q1 2017-18

India Tourism Development Corporation (ITDC) has performed remarkably in the first quarter of the current financial year 2017-18. The total turnover in quarter ending June 2017 increased to Rs.109.60 cr as compared to Rs. Rs. 91.42 cr in the corresponding quarter last year. The PSU registered Net Profit Before Tax (PBT) at Rs. 25.19 cr as compared to Rs. 14.30 cr in the corresponding quarter last financial year i.e. 2016-17, which is an increase of 76.15% from last year. The details were announced at the Board of Directors’ meeting of the company held on August 14th, 2017 at The Ashok, New Delhi.

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ITDC conducts hospitality training for Air India staff

India Tourism Development Corporation Ltd. (ITDC), signed a Memorandum of Understanding (MoU) with Air India to upgrade the skills and knowledge base of the national airline’s senior executive & cabin crew in hospitality and service industry. The MoU was signed in the presence of Ashwani Lohani, Chairman and Managing Director, Air India and Sudha Chandra, Principal, Ashok Institute of Hospitality & Tourism Management (AIHTM) and General Manager, HRD ITDC at Air India Head Quarters, New Delhi on May 29, 2017. In line with the MoU, AIHTM conducted a 5-Day training program on Leadership Excellence from July 11-15, 2017 for the first batch of senior executives of Air India at Hotel Samrat, Delhi. Speaking oat the Valedictory function held at Hotel Samrat on July 15, 2017, Piyush Tiwari, Officiating Chairman &Managing Director and Director Commercial & Marketing, ITDC said that, “ITDC is grateful to Air India and Shri Ashwani Lohani for their faith in ITDC’s expertise in hospitality training and management. We are proud that we have been the biggest force to drive tourism in India and have always contributed in nation building and progressive development of the industry. Our talented team at AIHTM has specially designed curriculum for Air India employees in consultation with best faculties and Air India management. We are going to plan more programs in the coming quarters for enforcing strength and leadership quality in other organisations as well. ITDC and Air India are two most prominent and visible PSUs in service sector and have lots of common traits and can work for mutual benefit.”  

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ITDC records Rs. 12.05 cr profit, ups turnover by 6.32%

India Tourism Development Corporation (ITDC) has posted a growth of 6.32 per cent with a total turnover at Rs 495.14 crore as compared to Rs. 465.69 crore in last financial year. Revenue from operations stood at Rs. 473.15 crore as compared to Rs. 437.13 crore in the last fiscal. Corporation posted profit before tax (PBT) of Rs.17.52 crore and profit after tax (PAT) of Rs.12.05 crore in 2016-17 against Rs. 32.42 crore and Rs. 22.55 crore respectively in the previous year. The results were announced in the Board Meeting held on May 30, 2017, at the Group’s flagship hotel, The Ashok, New Delhi. Piyush Tiwari, Officiating Chairman & Managing Director and Director (Commercial & Marketing), India Tourism Development Corporation (ITDC), said, “FY 2016-17 has been a motivating year for ITDC as it was the golden jubilee year for the organisation. The profit is result of several proactive initiatives taken by the organization to improve productivity and efficiency at the beginning of the year. Besides posting continuous profit year after year, ITDC has maintained its status of Mini Ratna and its commitment towards the shareholders through announcing consistent dividends for last four consecutive years.” Hotel The Ashok, Ashok International Trade division and Ashok events division of ITDC were other contributors to the profit for FY 2016-17. The Ashok hotel posted a highest ever turnover amounting to Rs. 152.91 crore.

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Cabinet approves transfer of Hotel Janpath, New Delhi property to MoUD

The Cabinet Committee on Economic Affairs has given its ‘In Principle’ approval to transfer the property of Hotel Janpath, New Delhi to Ministry of Urban Development. The property can be considered for construction of Government offices and similar purposes which would save government funds spent in hiring of government offices. Details of implementation of the project, land usages, etc. would be taken subsequently by a Committee of Secretaries to be constituted under the chairmanship of Cabinet Secretary. The building of Hotel Janpath has to undergo major rehabilitation work since the building structure of Hotel Janpath has been found to be unserviceable, in distressed condition and deficit in the context of seismic requirements, according to the inspection report of IIT Roorkee. The Government of India has initiated the process of disinvestment of hotels / properties of the India Tourism Development Corporation Ltd. (ITDC). The decision on disinvestment-has been made, keeping in view that running and managing hotels on professional lines is not the work of the Government or its entities. In the first stage of the disinvestment process, it was decided to disinvest three hotels, viz. Hotel Lake View Ashok, Bhopal, Hotel Brahmaputra Ashok, Guwahati and Hotel Bharatpur Ashok. Hotel Janpath, New Delhi is next in the list.  

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Govt. approves initiation of disinvestment of ITDC hotels

The Cabinet Committee on Economic Affairs has approved the initiation of the process of disinvestment of hotels/properties of the India Tourism Development Corporation Ltd. (ITDC). In the first stage of the disinvestment process, three hotels have been taken up for disinvestment—Hotel Lake View Ashok, Bhopal Hotel Brahmaputra Ashok, Guwahati, Hotel Bharatpur Ashok, Bharatpur. In all three cases, the hotels/properties are being given back to the concerned states. In the case of Bhopal and Guwahati, ITDC is divesting its share of 51 per cent in the Joint Venture Company formed for operation of the hotels whereas in the case of Bharatpur, the unit which was only managed by ITDC is being returned to the State Government. The decision on disinvestment has been made, keeping in view that running and managing hotels on professional lines is not the work of the Government or its entities. Further, there has been considerable development in the hospitality sector in the country in past years, with world class hotels and all leading international chains of hotels present in the country and providing services and facilities of highest standards. As part of the disinvestment policy, it has been decided to lease/sub-lease the hotels/properties jointly with the concerned states or return the properties to the states, after fair valuation. The states would then have the option to upgrade and operate the Hotels by involving the private sector or to utilize the properties as per their requirements. States have exercised their options accordingly, in each case going forward with the option best suited to their needs, in line with the overarching principle that it is not the business of Government to run or manage hotels.

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ITDC organises awareness program on cashless banking

In a bid to create awareness about digital payments and cashless banking in the wake of demonetisation, India Tourism Development Corporation (ITDC) organised an interactive awareness program for its employees in association with State Bank of Hyderabad. During the awareness program, various available modes of cashless transactions such as POS machines, e-wallet, mobile banking, online banking, using apps such as SBI Buddy, SBI Freedom etc. were demonstrated and explained in detail. Umang Narula, Chairman and Managing Director, ITDC, said, “It’s a matter of great satisfaction and pride that this workshop was organised. The government is promoting cashless transactions to overcome the acute shortage of lower denominations. In my opinion, this is a good move as digital transactions ensure transparency and proper payment of taxes.” He appealed to the employees and the young trainees to join the digital system of operations at the earliest as the nation is moving towards the cashless mode of transactions. The program was also graced by Piyush Tiwari, Director Commercial and Marketing, ITDC, Pradip Kumar Das, Director Finance, ITDC, and Vinayak Garg, Chief Vigilance Officer, ITDC.

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ITDC debuts at NSE listing

ITDC made a debut entry at the NSE listing. The market has resulted in a surge and stocks are up over 15%. India Tourism Development Corporation (ITDC) surged 18% to Rs 209 on the BSE in intra-day trade ahead of its listing on the National Stock Exchange (NSE) on Friday, December 30, 2016. India Tourism Development Corporation has informed BSE that the listing of equity shares of ITDC in NSE has been approved vide its letter dated December 28, 2016 and the equity shares shall be listed and admitted to dealings on NSE w.e.f. December 30, 2016. Shares of India Tourism Development Corporation got listed at Rs 229 on NSE, registering a premium of 7.87 per cent over its issue price of Rs 212.30. The stock touched an early high of Rs 234, registering a jump of 10.22 per cent over its issue price. It finally ended the day at Rs 211, down 0.61 per cent from its issue price.On the volume front, a total of 1,22,798 shares of the company were traded on NSE. On BSE, where it had listed earlier, the scrip settled at Rs 212.8, up 0.24 per cent from the previous close. It had opened at Rs 228 and jumped 10.06 per cent to an intra-day high of Rs 233.65. On September 2, the company’s board had sent an application to NSE regarding listing of its shares with the bourse. ITDC, which came into existence in October 1966, runs hotels and restaurants at various places for tourists, besides providing transport facilities. It also produces, distributes and sells tourist publicity literature and provides entertainment and duty free shopping facilities to tourists.

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ITDC posts Rs 8.58 cr profit in half yearly results

India Tourism Development Corporation (ITDC), the public sector undertaking under the aegis of the Ministry of Tourism, posted a significant performance in half yearly results of the current financial year 2016-17. The total turnover in H1 ending September 2016 increased to Rs.221.34 cr as compared to Rs.205.88 cr in the corresponding H1 last year. The total turnover registered a jump of 7.51% as compared to the same period in last financial year. The company registered Profit Before Tax (PBT) at Rs. 8.58 cr as compared to Rs. 4.28 cr in the corresponding H1 last year i.e. 2016-17, an increase of substantial 100% as compared to the last financial year.

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