New Delhi, Dec 4 : The Union Cabinet has approved and authorised the India Trade Promotion Organisation (ITPO) to transfer 3.7 acres of land at Pragati Maidan on a 99-year fixed leasehold basis at a price of Rs 611 crore in favour of the SPV, which will be formed by the India Tourism Development Corporation (ITDC) and the Indian Railway Catering and Tourism Corporation (IRCTC) for development and operation of a five-star hotel.
"Implementation of the International Exhibition and Convention Centre (IECC) project is in full swing and is scheduled to be completed in 2020-21," Finance Minister Nirmala Sitharaman said, briefing reporters about the decisions of the Cabinet.
To ensure completion of the hotel project at Pragati Maidan in a fast-track mode, the SPV will take necessary steps, including selecting a suitable developer and third party operator through a transparent competitive bidding process to construct, run and manage (directly or through a professional brand) the hotel on a long-term fixed lease basis.
The hotel facility is an integral part of IECC project, which will promote India as a global Meetings, Initiatives, Conferences and Exhibitions (MICE) hub and promote trade and commerce along with employment generation. The hotel will add value to the IECC project and benefit the Indian trade and industry.
Additionally, the International Trade Fair, which has lakhs of visitors and small traders participating every year, will also benefit from this transformation of Pragati Maidan. Increased facilities and modern amenities will greatly benefit the participating traders, entrepreneurs and visitors. This will ensure higher turnout at the trade fair, revitalising it and providing a vibrant platform to expand their business horizons and promote Indian goods and services.
The ITPO is implementing its mega project of redevelopment of Pragati Maidan into world-class IECC in line with the Government's vision to revolutionise India’s infrastructure and tourism with the best of standards and service. Throughout the world, a hotel facility is an integral part of any meetings, initiatives, conferences and exhibitions (MICE) hub/destination. (UNI)