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Cabinet to soon take up $5 bn convention centre project:
Context:
The Union Cabinet will soon take up the proposal for a “$5 billion worth world -class and state -of -the -art” Exhibition –cum-Convention Centre (ECC) in the national capital.
Introduction:
- It will be the largest such facility in Asia once completed by 2021.
- The Cabinet will consider on approval of the project and formation of a Special Purpose Vehicle
(SPV) to implement the same.
- Part of the $100 billion Delhi Mumbai Industrial Corridor (DMIC) project, it would be developed on Public-Private Partnership model using viability gap funding of the Centre.
- The SPV will be a 100% subsidiary of DMIC Development Corporation.
- The SPV will be given the rights to activities, including sub-leasing of land parcels, sub-contracting project components, granting long term concessions to private developers as well as fixing lease rentals.
Why project is necessary?
- The project became necessary as India lacked an integrated world class facility that can meet the requirements of global ECC operators in terms of space, project facilities and transportation linkages.
