News: Govt To Launch SPV To Build Rs 26,000-Crore Expo Centre In Delhi-12.04.2017
Govt to launch SPV to build Rs 26,000-crore expo centre in Delhi
Ruchika Chitravanshi | ET Bureau | Updated: April 10, 2017, 11:19 IST
NEW DELHI: The government is set to launch a special purpose vehicle for executing the Rs 26,000-crore project to build the country’s largest exhibitioncum-convention centre in Delhi.
A senior government official told ET that the department of industrial policy and promotion (DIPP) is finalising the proposal for the SPV, which will be jointly formed by the Niti Aayog, the urban development ministry and the departments of economic affairs and expenditure, besides the DIPP.
The SPV will have on its board the secretaries of the Niti Aayog, the urban development ministry and the three departments, who are all currently part of the steering committee overlooking the project plan. The proposal is expected to be placed before the Cabinet soon.
“We want India to be able to increase its share in the global MICE (meetings, incentives, conferences and events) market through this initiative. The trunk infrastructure for the project is being prepared at a rapid pace and we will soon be able to award specific projects,” the official said.
Asia’s share of the global MICE market is 14.3%, of which India accounts for just 4.9%. China, in contrast, has invested big in expanding its MICE capacity and now accounts for 68% of the total available space for exhibition and conference facilities in Asia, second only to the US.
The government had in September allowed the transfer of 89 hectares of land from the Delhi Development Authority to the DIPP for a consideration of Re 1for setting up the Integrated Exhibition cum Convention Centre.
“As we expand our manufacturing capacity through economic zones and industrial corridors, it is imperative that we simultaneously build platforms for business exchanges between our producers and global buyers,” said the official quoted above.
The proposed convention centre with 6,000 seating capacity, 10 exhibition halls, 3,500 hotel rooms and retail space will be one of the largest projects of its kind in South Asia.
The centre will be designed to host 5,000-10,000 delegates and have 200,000 sq m of exhibition space, 60,000 sq m of convention space and a 20,000 capacity multipurpose arena. It is expected to generate 5 lakh direct and indirect employment opportunities.
The Delhi Metro Rail Corporation (DMRC) and the National Highways Authority of India have already taken up the task of connecting the project site with arterial roads and rail network. The DMRC is also planning a dedicated station for the centre.
While the leasing of space for publicprivate partnership projects such as hotels is expected to start from December 2017, the government hopes to commission the project by June 2019.
