Hotel Ashok to get a facelift worth Rs146.35 crore

November 16th, 2007 - 7:45 pm ICT by admin  

New Delhi, Nov 16 (ANI): One of Delhi’s oldest five-star hotels Hotel Ashok is all set to get a facelift at a total cost of 146.35 crore rupees.
India Tourism Development Corporation Limited (ITDC) has worked out a plan to undertake a major renovation work at the hotel Ashok.
Through this renovation work, ITDC will be able to maintain decor and upkeep of world class level and to provide modern state of the art facilities in the hotel, which will help them to compete with private players in the hospitality sector.
The proposed renovation plan is envisaged to be funded at 50 per cent (Rs. 73 crore) through equity to be provided by the Center and the balance (Rs. 73.35 crore) is to be raised by ITDC through term loans from banks, financial institutions and internal resources.
The Cabinet has approved to increase the ITDC’s authorized capital from Rs. 75 crore to Rs. 150 crore. (ANI)

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