The government is planning to lease out 'The Ashok' to investors for turning the sprawling 25-acre property in the heart of the national capital into a 'multi-purpose' building, housing an array of facilities including service apartments and a mall, an official said.

The Tourism Ministry is working on the contours of bidding and aims to complete the process in the current fiscal.

"The intention is to turn 'The Ashok' into an iconic building which would house service apartments, besides a mall and other amenities taking advantage of its location," the official told PTI.

The lease could be of 90-100 years, he said, adding that since the hotel land spreads over 25 acres and is close to the Diplomatic Enclave, the service apartments could attract international dignitaries.

The Ashok, and the adjacent Hotel Samrat are among the eight India Tourism Development Corp assets listed under the National Monetisation Pipeline announced by Finance Minister Nirmala Sitharaman last month.

"The government is not looking to ramp up collections from this transaction. The intent is to utilise the asset to its full potential and build a multi-purpose building like those in foreign countries," the official added.

The government last month launched the asset monetisation pipeline under which brownfield assets worth Rs 6 lakh crore may be monetised through fiscal ending March 2025. The ownership control would, however, be retained with the government.

Assets in various sectors including road transport, railways, power, civil aviation, shipping ports and telecommunications will be monetised under the plan.