Several suitors for Hotel Corporation divestment
New Delhi: Several big hotel chains, including the Oberoi group, the Taj group and ITC Hotels, are understood to have submitted their proposals for buying out the stake in Hotel Corporation of India, which is being divested by the government.

From among international chains, only the Rassel group of Singapore is known to have expressed interest in buying out stake in HCI. Other hotel majors like Carlson Hospitality, Marriott and Bass Hotels have not been keen in this deal, said industry sources.

HCI has prime properties like Centaur Hotels at Juhu and Mumbai Airport and Chefair flight kitchen in Mumbai, Centaur hotel and flight kitchen at IGI Airport in New Delhi, Centaur Lake View hotel in Srinagar and Centaur Hokke Hotel at Rajgir in Bihar.

According to industry sources, the government would shortlist the firms who have submitted the expression of interest. The process of short-listing would be completed by the middle of this month and the list submitted to Air-India and the global adviser, Jardine Fleming India Securities by November-end.
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IMD grosses more than $4.5 billion
Mumbai: Despite the fact that the scheme was not launched in the US, it is expected that the recent India Millennium Deposit (IMD) scheme launched by the State Bank of India, will garner more funds than the earlier Resurgent India Bonds. Current estimates put the possible figure of resource mobilisation at more than $4.5 billion. This is against a targeted figure of $2 billion for the IMD.

According to market reports, attractive rates and aggressive marketing of the collecting banks have resulted in the high figure being collected.

SBI proposes to park around 50 per cent of the collected fund with various banks, which are helping the SBI to mobilise deposits for IMD. Substantial inflow of funds from the Middle East market has happened between Saturday to Monday. The bank was expecting around 40-45 per cent of total IMD from this segment of the market.
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