The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi on Tuesday approved the proposal of setting up of world class Integrated Exhibition-cum-Convention Centre (IECC) at Pragati Maidan here.
The total cost of the project which was proposed by the India Trade Promotion Organisation (ITPO) will cost around Rs. 2,254 crore.
ITPO will utilise Rs. 1,200 crore out of its free reserves towards funding of the project and will raise the balance amount of Rs.1,054 crore with government guarantee for the amount of institutional loan.
The redevelopment of Pragati Maidan is envisaged in two phases.
After redevelopment, the exhibition space will be doubled to 1.19 lakh sq.mtr. as against 65,000 sq.mtr presently.
ITPO has assigned the work to National Buildings Construction Corporation Ltd. (NBCC) as a Project Management Consultant.
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