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After two unsuccessful attempts will Taj Mansingh get a suitor third time around? On the last day, September 20, of for submitting the financial bids two bidders are vying for the property — Indian Hotels Company Limited (IHCL) and ITC in the e-auction called by NDMC.
The latest round is after relaxation of the norms — the NDMC had eased the eligibility criteria for the e-auction of the hotel. The minimum number of bidders were reduced from three to two and the minimum turnover eligibility after relaxation was kept at ₹350 crore against ₹400 crore earlier.
“We have received two bids and the documents submitted by both the parties are now with SBI capital, the transaction advisor, for evaluation. SBI capital on Monday will give the report to the council after checking if all the terms and conditions have been followed by both the parties,” said Tanveer Ahmed, Deputy Director (Estate), NDMC.
The financial bid for the hotel will be on September 28. Incidentally, in the previous round too, IHCL and ITC were the only two bidders but due to the minimum requirement of three bidders, the e-auction was called off. The hotel was given to IHCL on a lease for 33 years which ended in 2011. After the lease expired, the council decided to e-auction the 292-room hotel. IHCL approached the Delhi High Court challenging the decision.
Finally, the e-auction of the property was cleared by the Supreme Court last year.
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