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Wednesday, December 11, 2019

Delhi: Union cabinet nod for 5-star hotel at Pragati Maidan

A statement by the government said that the International Exhibition and Convention Centre (IECC) project, under construction currently, is expected to be completed in 2020-21.

By: Express News Service | New Delhi | Updated: December 5, 2019 9:14:33 am
pragati maidan, five star hotel at pragati maidan, delhi city news, five star hotels in delhi The approval has been given “in favour of the special purpose vehicle (SPV), which will be formed by ITDC and IRCTC”. (File)

The union cabinet Wednesday approved the transfer of 3.7 acres of land to set up a five-star hotel at Pragati Maidan to ITDC and IRCTC on a 99-year lease for Rs 611 crore. Union Information and Broadcasting Minister Prakash Javadekar said India Trade Promotion Organisation (ITPO), which manages Pragati Maidan, will undertake a mega project to redevelop the land into a world-class international exhibition and convention centre.

The approval has been given “in favour of the special purpose vehicle (SPV), which will be formed by ITDC and IRCTC”.

A statement by the government said that the International Exhibition and Convention Centre (IECC) project, under construction currently, is expected to be completed in 2020-21.

“We will participate in the SPV. Finer points and modalities are yet to be worked out,” said M P Mall, managing director, IRCTC.

The SPV will now select a developer and a managing party for which bids are expected to open soon. Officials hope the IECC will help increase the scale of the annual India International Trade Fair at Pragati Maidan.

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