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