The Gujarat government has formed Gujarat Tourism Development Company (GTDC) in order to develop, create and market tourism related infrastructure, projects and products. According to a report in Times of India, a Government Resolution (GR) issued by the state industries and Department of Mines stated that GTDC will be a Special Purpose Vehicle (SPV) with 50:50 equity partnership between the state government and private investors with equity amount of Rs 100 crore.
Stating that private partners can increase ‘quasi-equity share’ in the company up to Rs 450 crore, the Government Resolution added that the main idea of the GDTC is to create detailed project reports for tourism-related projects, secure approvals and sanctions for projects, market projects and bring in investors in the Public-Private Partnership (PPP) model. The GTDC will also be responsible for the tender process, inviting bids, evaluating them and managing projects under implementation.
Significantly, the Gujarat government has formed GTDC as the second SPV under the tourism department, first being Tourism Project Development Company Ltd. (TPDCL), formed in July 2007. |