Union minister Prakash Javadekar said a Special Purpose Vehicle (SPV) will be formed by the Indian Tourism Development Corporation (ITDC) and the Indian Railway Catering and Tourism Corporation (IRCTC) for the development and operation of the hotel with modern amenities.
The India Trade Promotion Organisation (ITPO), a body under the commerce ministry which runs the exhibition centre at Pragati Maidan in the heart of the national capital, will undertake the mega project to redevelop the land into a world class International Exhibition and Convention Centre.
Addressing a press conference in New Delhi, Union minister Prakash Javadekar said that the ITPO will transfer 3.7 acre land on a 99-year fixed lease for the purpose.
He said a Special Purpose Vehicle (SPV) will be formed by the Indian Tourism Development Corporation (ITDC) and the Indian Railway Catering and Tourism Corporation (IRCTC) for the development and operation of the hotel with modern amenities.
A major redevelopment work is being carried out at Pragati Maidan for the last couple of years which includes construction of a new international exhibition-cum-convention centre (IECC), executive accommodation blocks and a tunnel.
Prasanta Patnaik