Gujarat to set up hotels on prime property
13 March 2007
Ahmedabad: To provide a thrust to tourism promotion in Gujarat and to bring the State to the forefront of the tourism map of India, the Tourism Corporation of Gujarat Ltd (TCGL) has decided to sell off its prime properties across the State.
It has invited global expression of interest from Indian companies, overseas corporate bodies and eligible foreign companies for sale of its properties located in prime tourist locations in Gujarat, an official release said today.
TCGL has decided to sell six built-up properties and nine parcels of land in the first phase, without any responsibility on the buyer for past dues (statutory or otherwise) on these assets and without any obligation to continue the staff presently employed for managing the assets for exclusive tourism related use.
SBI Capital Markets Ltd (SBI Caps) has been appointed as an advisor to TCGL for this transaction.
The properties that would be sold include the famous Palace Beach Resort by the Arabian Sea at Chorwad near Somnath in Junagadh district, which was taken over by the TCGL and converted in to a resort. The decision to sell off properties comes after the Gujarat Government took various measures to improve the tourism industry in the State.
Recently, the State Government also announced partial relaxation of prohibition policy in the Special Economic Zones with a similar objective, keeping in mind foreign visitors.