New Delhi, Nov 12 (PTI) The commerce ministry's trade promotion body ITPO will approach the Union Cabinet seeking nod to monetise a small portion of land at Pragati Maidan for construction of a hotel, an official said.
Set up in 1977, the India Trade Promotion Organisation (ITPO) is the nodal trade promotion agency that works under the commerce ministry.
"We will be going to the Cabinet and seek its approval.
The land would be monetised on a long-term lease basis for building a hotel. It would enhance the value of the upcoming exhibition-cum-convention centre at Pragati Maidan," the ministry official said.
About 3.7 acres land would be given on a long-term lease or on free hold to a private player for construction of a luxury hotel.
As part of the redevelopment plan of Pragati Maidan, a world-class Integrated Exhibition-cum-Convention Centre is under construction with an estimated cost of Rs 2,254 crore.
The convention centre will have a seating capacity of over 7,000 persons.
ITPO CMD L C Goyal said that after construction of the hotel, the centre would become an unmatched venue for exhibitions and conventions.
"It will be able to attract global events also. We are in the process of taking Cabinet nod for giving the land to some private player," he said.
The meetings, incentives, conferences and exhibitions (MICE) industry is huge business across the globe and helps create jobs and promote the tourism sector. PTI RR ARD .
This is unedited, unformatted feed from the Press Trust of India wire.