New Delhi, Nov 10 (IANS) The union cabinet, chaired by Prime Minister Narendra Modi, on Friday approved a proposal for developing an exhibition-cum-convention centre (ECC) in Dwarka in west Delhi, an official said.
The exhibition-cum-convention centre and allied infrastructure will be constructed at an estimated cost of Rs 25,703 crore by 2025.
The cabinet also approved incorporation of a new government company as a Special Purpose Vehicle (SPV) for implementation and development of the project with 100 per cent equity from the government through the Department of Industrial Policy and Promotion (DIPP), an official statement said.
The central government will provide budgetary support of Rs 2,037.39 crore to the SPV as equity over a period of three years to fund trunk infrastructure, a part of exhibition centre, foyer, convention centre, Metro connectivity, NHAI road connectivity including cost of land to be paid to the Delhi Development Authority, and water and sewerage infrastructure, among others.
The Delhi Mumbai Industrial Corridor Development Corporation Limited (DMICDC) will act as a knowledge partner for the project.
The board of SPV will be authorised to approve revision in detailed cost estimates, break-up of quantities of project components, phasing of the project and change in scope depending upon the requirement at various stages of project, within the overall approved financial limits.
The SPV would also be authorised to raise debt or mobilise resources through land monetisation depending upon market conditions.
Phase-1 of the project comprising trunk infrastructure along with Exhibition-cum-Convention Centre would be implemented and commissioned by December 2019, the statement said.
It is estimated that the proposed facility, once fully operational, will infuse a demand for more than 100 major international and local exhibition events annually. The number of paying visitors to the exhibition facility annually is estimated to be more than 10 million in the first phase from 2019-20 and 23 million after completion of the second phase by 2025.
Similarly, convention-based delegate attendance is estimated to cross 1.5 million annually after successful completion of second phase of the project.
Project is also likely to generate over five lakh direct and indirect employment opportunities.
Post Source: Ians feed