The Jharkhand government on Tuesday signed a memorandum of understanding (MoU) with the Indian Tourism Development Corporation (ITDC) as a part to take over Hotel Ashok, a property spread over around three acre of land in Ranchi, in presence of Chief Minister Hemant Soren.
According to the provisions of the MoU, the ITDC will sell its 51 per cent stake to the Jharkhand Tourism Development Corporation for Rs 3.06 crore, JTDC General Manager Alok Prasad said.
“It is a major initiative. There are many areas that need development and tourism is one of them. It also has the potential to create a large number of employment opportunities,” Soren said after the MoU was signed.
Pooja Singhal, Secretary of the Department of Tourism, said that talks are on with the Bihar Tourism Development Corporation (BTDC) to buy its 36.75 per centre in the hotel.
The hotel was set up as a joint venture between the ITDC and the BTDC with a share ratio of 51:49. After Jharkhand was created carving out a part of Bihar in 2000, the BTDCs share was split between the two states.
The MoU was signed by ITDC Director Piyush Tiwari and JTDC Director A Dodde.