The Cabinet Committee on Economic Affairs (CCEA) on 24 January 2017 gave its approval for setting up of a world-class Integrated Exhibition-cum-Convention Centre (IECC) at Pragati Maidan in New Delhi.
A decision in this regard was taken at a CCEA meeting chaired by Prime Minister Narendra Modi in New Delhi.
About the Integrated Exhibition-cum-Convention Centre
• As per the proposal, the Pragati Maidan in New Delhi will be redeveloped as an Integrated Exhibition-cum-Convention Centre.
• The proposed development project will be executed by the India Trade Promotion Organisation (ITPO).
• The ITPO is a Mini Ratna Category-1 Company under the Department of Commerce of the Union Ministry of Commerce and Industry.
• The project will be executed at an estimated cost of Rs 2,254 crore.
• The ITPO will utilise Rs 1,200 crore out of its free reserves towards funding of the project.
• The ITPO will raise the Rs 1,054 crore balance amount through institutional loan, soft loan, external aid and land monetization.
• The Union Government will guarantee the amount raised through institutional loan.
• The redevelopment of Pragati Maidan is envisaged in two phases.
• The phase-1 is expected to be completed by May 2019. This phase will result in redevelopment of nearly 3.26 lakh square meters.
• After redevelopment, the exhibition space will be doubled to 1.19 lakh square meters as against 65,000 square meters presently.
• To ease road congestion, grade separator will be provided at the junction of Mathura Road and Bhairon Road.
• Also, direct connectivity will be provided to the IECC through a subway from Mathura Road to Ring Road across Pragati Maidan.
• Redevelopment will also include construction of a state-of-the-art Convention Center. The proposed center will have a seating capacity of 7,000.
• For execution of this mega project, ITPO deployed the National Buildings Construction Corporation Ltd (NBCC) as a project management consultant.
• The ITPO will invite bids from global construction giants for execution of the project.
When: 24 January 2017