The SVICC and Domaine Les Pailles might soon be merged. Meetings have been held for further discussion. However, many have expressed their disapproval at an amalgamated SVICC & Domaine Les Pailles.
The Swami Vivekananda Internation Convention Center (SVICC) and the Domaine Les Pailles might soon be merged into one, as announced by their main shareholder, the State Investment Corporation Ltd (SIC). A single entity will then be called to manage both.
Lexpress has reported that a meeting is to be held today, 9th of January, bringing together the minister of finance and the personalities managing the SVICC, to discuss the steps to be followed. The shareholders of the Domaine Les Pailles had already met up last week.
The concept of having both institutions merged is not agreed upon by every individual involved though. For instance, it has been argued that the SVICC would only incur losses if the decision were to be made final and executed, adding that the SVICC has made much profit during the last 7 years, and its financial accounts are audited by a renowned international firm. As a matter of fact, the SVICC has gathered a turnover of Rs 42 million with profits amounting to Rs 9 million in 2013. Domaine Les Pailles, however, is in huge contrast to such profitable undertakings.
Domaine Les Pailles is said to be under huge debts. Furthermore, the staff consists of 180 employees, which is deemed to be too much, as opposed to the much smaller team of the SVICC with only 16 employees. Furthermore, it is reputed for it having many political nominees involved in it.
Also, the ex-government had decided to sell the restaurants and the lands of Domaine Les Pailles for Rs 441 million to a company based in Hong Kong, Yihai International Investment Management Ltd. Besides, a Memorandum of Understanding (MoU) was signed between the SIC and the latter. The negotiations were still underway at the time of the general elections. Would they be halted for Domaine Les Pailles and the SVICC to actually merge? The stakes are high, time will tell of the fate awaiting both.