Private firm gets Cabinet nod to build hotel at Pragati Maidan
NEW DELHI: The Union Cabinet on Wednesday approved a proposal for leasing out 3.7 acres at Pragati Maidan in the the National Capital to a private player for construction of a hotel. The funds raised through the process would be utilised by India Trade Promotion Organisation (ITPO) to finance the Integrated Exhibition-cum-Convention Centre (IECC) project at Pragati Maidan.
The land would be monetised on long-term leasehold basis for 99 years for construction and running of a hotel by a third party.
India Trade Promotion Organisation, a miniratna public sector undertaking under the commerce ministry, runs the exhibition centre, which was inaugurated in 1972 by the then prime minister Indira Gandhi.
The land would be monetised on long-term leasehold basis for 99 years for construction and running of a hotel by a third party.
India Trade Promotion Organisation, a miniratna public sector undertaking under the commerce ministry, runs the exhibition centre, which was inaugurated in 1972 by the then prime minister Indira Gandhi.
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