India Tourism Development Corporation (ITDC) has executed the Share Transfer Agreements (STA) for transfer of 51% equity stake in Madhya Pradesh Ashok Hotel Corporation (MPAHC) for a consideration of Rs 12.59 crore and 51% equity stake in Assam Ashok Hotel Corporation (AAHC) for a consideration of Rs 2.14 crore.
Earlier in April, the company had decided to ink Memorandum of Understandings (MoUs) with the willing states for transfer of equity stake/units to the respective States/State Corporation as it will take some time to complete the actual formal process for actual transfer to take place.
ITDC has been the prime mover in the progressive development, promotion and expansion of tourism in the country. The company is running hotels, restaurants at various places for tourists, besides providing transport facilities.
