ITDC Chairman gives Rs 18.88 Crores Dividend Cheques to Union Tourism Minister
Chairman & Managing Director of India Tourism Development Corporation (ITDC) Shri Umang Narula, on behalf of India Tourism Development Corporation (ITDC) and Kumarakruppa frontier Hotels Pvt. Ltd., handed over two cheques amounting to Rs 18.88 crore to Union Tourism Minister Shri Mahesh Sharma today, towards dividend payment to the Government of India for the year 2014-15. Present on the occasion were Secretary – Ministry of Tourism – Shri Vinod Zutshi, Joint Secretary, Shri Suman Billa, Ministry of Tourism, V.P. (Finance), Shri P K Aggarwal, ITDC alongwith other Sr. officials of MOT & ITDC. The ceremony took place at Minister’s office at Transport Bhawan, New Delhi.
The decision for the payment of Dividend was taken during ITDC 50th Annual General Meeting held at the Group’s flagship hotel, The Ashok, New Delhi.
It may be noted that ITDC, a PSU under the administrative control of the Ministry of Tourism has declared a dividend of 20% amounting to Rs.17.15 crore for 2014-15, the highest ever in terms of amount and the highest since 2007-08 in terms of percentage and Kumarakruppa Frontier Hotels Pvt. Ltd., another PSU under the Ministry of Tourism has declared a dividend of 450% amounting to Rs.4.39 crore for 2014-15.
For the financial year 2014-15, ITDC posted a robust performance registering the Net profit of Rs.38.95 crore on a turnover of Rs.504.19 crore, the highest since 2007-08. Of the overall performance, the Hotel Segment i.e. the Core area of ITDC achieved an impressive turnover of Rs.283.90 crore with a profit of Rs.10.81 crore. Besides Hotels, the other segments dealt by ITDC are Tours & Travels, Events Division, Institute of Hospitality & Tourism Management, Consultancy & Engineering Services, and International Trade Division all under the brand of Ashok.
During 2014-15, the Events Division of ITDC hosted “India-US CEO Forum” [ chaired by the Hon’ble Prime Minister of India & His Excellency The President of USA];”India-US Business Summit” [ chaired by the Hon’ble Prime Minister of India & His Excellency the President of USA]; besides many other prestigious events organized by the Government of India.
About ITDC:-
ITDC was incorporated in 1966 with a mandate to develop and expand tourism infrastructure in the country. Today, the Corporation offers a bouquet of services with its business activities ranging from Hotel Accommodation, Catering, Transport, Travel Agency, Consultancy, Manpower Training, Duty Free Shops and Event Management to allied activities such as execution of tourism and engineering projects, promotion of tourism via Sound & Light Shows amongst others.
ITDC has eight hotels of its own and five joint venture hotels under the brand of Ashok. Besides hotels, ITDC also managed catering at VVIP Venues like Hyderabad House, Vigyan Bhawan. The Ashok hosts various important conferences, prestigious events for various Ministries, Government bodies and Corporates. Chefs from Ashok Group of Hotels participated in Indian Food Festivals in various countries including Egypt, Cairo, Stockholm, Cambodia, China, South Africa, Lebanon, Dominican Republic, Zimbabwe, Algeria, Mauritius, Argenbtina, Paraguay, Cyprus, Netherland, Bali & Indonesia on behalf of the Government of India showcasing the fineries of Indian Cuisine to the world. Chefs of the ITDC Group of Hotels also won a number of prestigious awards.
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