Shimla, Oct. 31 -- In a major boost for cash-strapped Himachal Pradesh, the government has secured a record bid of 47.1% of the annual gross revenue for granting licence rights to operate and manage the iconic Wildflower Hall hotel near Shimla, which is one of its most prized hospitality properties.

This is stated to be the highest-ever revenue-sharing bid in India for a transaction of this nature. "As per the agreement, the East India Hotels Limited, a flagship company of the Oberoi Group, will continue to manage the property by sharing 47.10% of gross revenue with the state government with periodical escalation," said Sandeep Kumar, secretary for tourism and civil aviation, Himachal Pradesh.

The arrangement is expected to generate sub...