NEW DELHI: The central government on Wednesday decided to transfer the incomplete hotel project, Gulmarg Ashok, to Jammu & Kashmir Government as part of its disinvestment policy.

“In continuation of Centre’s disinvestment policy, the Cabinet Committee on Economic Affairs CCEA), chaired by the Prime Minister has approved transfer of incomplete project of Hotel Gulmarg Ashok, Gulmarg, to the J&K government and Hotel Patliputra Ashok, Patna to Bihar,” Finance Minister said.

While explaining the Centre’s disinvestment policy the Minister said, it had been decided to “lease/sub-lease” the India Tourism Development Corporation Limited (ITDC) hotels/ properties/ units/Joint Ventures (JVs) jointly with the state governments and “where State governments were not agreeing to the proposal”, the properties may be returned to them at its officially valued price.

He went on to add that the policy had been formulated keeping in view that “running and managing hotels on professional lines is not the job of government or its entities”.