The Taj Mansingh Hotel will be auctioned in four months by the New Delhi Municipal Council, which has last week given the Tata-owned Indian Hotels Company Ltd (IHCL) yet another extension to operate it.
NDMC chairperson Naresh Kumar said on Tuesday that SBI Cap, which was the advisor to the Union Government for the re-allocation of coal blocks, will be the transaction advisor for the auction.
“We have got in-principle approval of the Council for engaging SBI Cap as the transaction advisor for the auction of Taj Mansingh Hotel. We will auction the property within four months,” said Mr. Kumar.
The 33-year lease for the hotel expired in 2011, after which the NDMC has given eight extensions to IHCL to operate the hotel. In March, then-NDMC chairperson Jalaj Srivastava had said a three-month extension had been given to IHCL, till June 30. The auction was supposed to have been complete by the end of this month, but the NDMC has given another extension, this time till September 30.
The 33-year lease for the hotel expired in 2011, after which the NDMC has given eight extensions to IHCL to operate the hotel
