Tata Group retains Taj Mansingh hotel, for 33 years

Retaining its hold over the Taj Mansingh hotel here, the Tata Group on Friday won the e-auction of the premium hotel, the New Delhi Municipal Council (NDMC) said.

After an intense bid battle between ITC Ltd and Indian Hotels Company Ltd (IHCL) of the Tata Group, the auction resulted in fetching 32.50 percent of gross turnover (GTO) for the NDMC, which is about 78 percent increase from the existing license fee, an NDMC statement said.

"Indian Hotels Company Ltd (Tata Group) is declared as the highest successful bidder. The license will be for a period of 33 years," it added.

Before the e-auction, IHCL used to pay Rs 3.94 crore per month including GST to the NDMC. Now with this increase, it will be paying about Rs 7.03 crore per month including GST as per the current GTO provided by the IHCL, it said.

"This auction has helped NDMC in fetching the license fee as per the current market rates," it said.

The e-auction, conducted on the e-auction portal of MSTC Ltd, was also screened live at Palika Kendra mega LED screen and at some other major locations at Connaught Place for ensuring transparency and fairness in the process.