Itanagar, May 18 (PTI): The Arunachal Pradesh government has taken full ownership of the Donyi Polo Ashok Hotel here, an official statement said.
A share transfer agreement to this effect was signed between India Tourism Development Corporation Ltd (ITDC) and Arunachal Pradesh Industrial Development and Financial Corporation Ltd (APIDFC) here yesterday.
Chief Minister Pema Khandu was also present during the agreement signing ceremony, the release said.
The state government will now own 100 per cent share in the centrally located 3-star hotel in Itanagar through the APIDFC, and the word Ashok will be done away with.
As per the share agreement, 51 per cent equity share has been transferred from ITDC to APIDFC.
The Hotel Donyi Polo Ashok Corporation Ltd is a joint venture project of ITDC and APIDFC established consequent upon execution of promoters agreement for JV project on January 7, 1982 on 51:49 ratios of equity shares, the release added.
