As part of the disinvestment excerise, the centre on Wednesday decided to exit three ITDC hotels, including the Hotel Jaipur Ashok, and hand them over to the state governments concerned.

The Union Cabinet approved the transfer of Hotel Jaipur Ashok and Lalitha Mahal Palace Hotel, Mysore, to the governments of Rajasthan and Karnataka, Finance Minister Arun Jaitley said.

Briefing the media after the Cabinet meeting, Jaitley said that as per valuation, the Jaipur property would fetch the centre Rs 14 crore, Mysore Rs 7.45 crore and Itanagar Rs 3.89 crore. This is as per disinvestment policy of the Government of India wherein ITDC Hotels and properties are to be leased or sub-leased jointly with states, he said.

Watch the full briefing below: