While referring to a news item regarding proceedings of a meeting of the standing committee on defence and defence production, a spokesman of the Privatisation Commission on Saturday clarified that no decision has yet been taken for the sell off Roosevelt Hotel in New York.
He said the financial adviser appointed for the purpose will determine whether sale is feasible or not. He added that the Privatisation Commission had explained the privatisation process in detail in the meeting and informed the committee that Roosevelt Hotel was being processed in consultation with all stakeholders and after final approval from the relevant forum the PC Board and CCOP its final sell off will be decided.
It was explained that the process of appointment of financial adviser was carried out as per rules and procedures in a transparent manner. It was further explained that top ten investor banks based on the rating of Global Lodging & Liesure Mergers & Acquisition (December 2006) were invited to bid for the appointment of Financial Adviser and a Financial Advisor was appointed.