The consultant advising New Delhi's municipal body on the process of maximising returns from the property that houses the iconic Taj Mahal Hotel at Mansingh Roadhas recommended the Tatas should have the right to match the highest bid in an open auction, possibly setting the stage for an intriguing bidding drama and paving the way for auctions of other hotel properties.
As per an ET report, New Delhi Municipal Corporation's transaction advisor Ernst & Young said the consulting firm has proposed an open auction to select the operator, who would run the property on a 30-year lease. The report has recommended that the Tata-ownedIndian Hotels Company, which currently operates the property, should be given the right of first refusal or the option of matching the highest bid.
NDMC Chairman Archana Arora said Ernst & Young had submitted the report.
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