New Delhi's Taj Mahal Hotel to hit auction block

In India, the New Delhi Municipal Council is "assessing the assets" of the Taj Mahal Hotel in preparations of an auction that the India Times is calling "much-delayed."

The Tata group's Indian Hotels Company Limited was granted the ninth extension to run the hotel last November. The current lease expires on January 31.

 

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NDMC Chairman Naresh Kumar told the paper that the Council is completing the documentation for the auction, but did not say whether the process would be completed by then or if the council is seeking for yet another extension. 

The property is owned by NDMC and was given to IHCL on a 33-year lease that ended in 2011. The company has had nine temporary extensions since then—three of them in the last year. 

NDMC, which works under the administrative control of the Union Home Ministry, received approval to auction the hotel in March. SBI Cap is the transaction advisor, and is expected to guide the entire process, from conceptualising the plan to handing it over and signing of the final documents. 

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