Shapoorji Pallonji Group, a conglomerate company, has won the Rs 2,600 crore contract to redevelop the India Trade Promotion Organisation (ITPO) complex at Pragati Maidan Delhi. The plan is to turn the complex into an exhibition-cum-convention centre.
ITPO complex is known for organising global events such as the India International Trade Fair, World Book Fair and Petrotech. The venue is scheduled to host the flagship auto expo and other mega events like the G20 meetings. Shapoorji Pallonji is given two years of time complete the construction work, according to the source.
The government has some of the tasks in redevelopment plan which include a state-of-the-art convention centre with a seating capacity of around 7,000 people which will be almost five times larger than the capacity of Vigyan Bhavan in New Delhi. Apart from this major construction work, the company is required to build meeting halls, lounges and basement parking space for about 4,800 cars. With addition space of 80,000 sq. m. for exhibition space, the redevelopment plan will have an estimated cost of around Rs 2,224 – Rs 2,2600 crore.
The half of the fund will be generated through ITPO’s reserves, long-term loans from banks and financial institutions with go virement guarantee or soft loans, external aid and land monetisation.
“Major events are drifting away from India as the present facilities are far short of international standards. With India’s growing global profile, New Delhi needed a modern world-class exhibition-cum-convention centre to provide an appropriate venue for international events,” says the official.