Govt set to launch SPV to construct South Asia’s largest expo centre...

Govt set to launch SPV to construct South Asia’s largest expo centre in Delhi

286
0
special purpose vehicle
Integrated Exhibition-cum-Convention Centre

The government is set to launch a special purpose vehicle for executing the Rs 26,000-crore project to build the country’s largest exhibition cum-convention centre in Delhi.  The Department of Industrial Policy and Promotion (DIPP) is finalizing 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 government had in September allowed the transfer of 89 hectares of land from the Delhi Development Authority to the DIPP for setting up the Integrated Exhibition cum Convention Centre.  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.  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 government hopes to commission the project by June 2019.

Source: realty.economictimes.indiatimes.com

Image source: The Masterbuilder

LEAVE A REPLY