Tag Archives: ITDC

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.  

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.

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.

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.

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.

India Tourism Development Corporation (ITDC) celebrated the completion of 50 years at a gala event at The Ashok, New Delhi. The event was graced by the presence of Vinod Zutshi, Secretary, Ministry of Tourism, Government of India, Suman Billa, Joint Secretary, Ministry of Tourism, Government of India and Umang Narula, Chairman & Managing Director, ITDC. The who’s who of the travel and hospitality industry joined the celebrations and raised a toast to ITDC.

India Tourism Development Corporation (ITDC), the public sector undertaking under the aegis of the Ministry of Tourism, recorded net profit before tax of Rs.32.42 crore during 2015-16, profit after tax of Rs.22.55 crore and a total turnover of Rs.465.69 crore during the financial year 2015-16. The information was revealed during the Group’s 51st Annual General Meeting at the Group’s hotel, The Samrat, New Delhi. The highlights of the AGM was the declaration of a dividend of 15 per cent amounting to Rs.12.86 crore approximately as recommended by the Board in the meeting held on May 30, 2016. Out of Rs. 12.86 crore, an approximate amount of Rs.11.20 crore will go to the Government of India. The meeting was chaired by Umang Narula, IAS, Chairman & Managing Director, ITDC. The overall occupancy during 2015-16 was 52 per cent as against 47 per cent during 2014-15 with flagship Hotel ‘The Ashok’ recording occupancy of 54 per cent during 2015-16.

India Tourism Development Corporation (ITDC), a PSU under Ministry of Tourism, Government of India, on completion of its 50 year of inception on October 1, 2016, launched a logo marking the golden jubilee of ITDC. The logo was unveiled by Dr. Mahesh Sharma, Minister of State (I/C) for Tourism and Culture in presence of Vinod Zutshi, Tourism Secretary, and other senior officers of Ministry of Tourism and ITDC. In order to commemorate the Golden Jubilee celebrations, various activities have been introduced during the fortnight starting September 24, 2016 till October 8, 2016. Special offers on room tariff and food & beverage outlets in all ITDC hotels, issue of Elite Card to every 50th guest during this period, plantation of 50 saplings each in some hotels of ITDC, painting and slogan competition, lighting of all Delhi based hotels, presenting souvenirs to guests visiting ITDC hotels on 1st October 2016 are certain activities planned during the celebrations.

India Tourism Development Corporation (ITDC) opened its new Duty Free Shop at Kakinada Deep Water Seaport, Andhra Pradesh. The shop was inaugurated by Piyush Tiwari, Director (Commercial and Marketing), ITDC in the presence of S. Narasimha Reddy, Jt. Commissioner, Customs, Lt. General. (Retd.) Dr A S Rao, CEO, Kakinada Seaport, senior port authorities and other officials of Govt. of Andhra Pradesh. With the opening of this Duty Free Shop, ITDC has established its presence at Coimbatore Airport and 9 Seaports in the country. Strategically located inside the Port at Kakinada, the latest duty free shop has been aligned with ITDC’s aim of providing shoppers with an incredible shopping experience. Talking about the launch and ITDC’s duty free business, Tiwari said, “Kakinada Deep Water Seaport is an important port as it is the major port of Andhra Pradesh. ITDC launching its 9th Duty Free shop at this port is a major step undertaken by the corporation in its business of Seaport Duty Free Shops.  Moving forward, our aim is to further expand our seaport business, covering all major ports in the country in coming years.”

The total turnover of India Tourism Development Corporation (ITDC) in quarter ending December 2015 stood at Rs.123.85 crore. The public sector undertaking under the aegis of the Ministry of Tourism (MOT), registered operating profit at Rs 17.26 crore and Net Profit Before Tax (PBT) at Rs 2.54 crore in last quarter Oct-Dec, 2015-16. In first three quarters of 2015-16, the company has registered a turnover of Rs 329.72 crore, while the operating profit was registered at Rs 25.76 crore and net profit at Rs 6.83 crore. These details were announced in the Board of Directors’ meeting of the company on February 12, 2016, at the Group’s flagship hotel, The Ashok, New Delhi.