India Trade Promotion Organisation (ITPO) under the union ministry of commerce is planning to raise around Rs 1,500 crore to part fund the Integrated Exhibition-cum-Convention Centre planned in New Delhi.
The fund will be raised through loans and by monetising some portion of land at Pragati Maidan in Delhi, where the project is coming up.
According to an ET report, the ministry is working on a cabinet note to monetise about 3.7 acres land for construction of a hotel in the upcoming exhibition complex. It will either be given on a long-term lease or on free hold to a private player.
L C Goyal, chairman and managing director of ITPO, was quoted as saying: “We plan to raise almost Rs 1,500 crore by means of institutional loans and monetising the land to set up a hotel.”
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