<p>The second phase of Rs 25,000 crore India International Convention and Expo Centre (IICC) project in the national capital will be developed in a public private partnership (PPP) mode for which the bidding process would begin soon, Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar Singh said on Tuesday.</p>.Driving Change, Building Value: Nayaz Faiyaz Ahmed’s Dynamic Approach to Real Estate.<p>Prime Minister Narendra Modi inaugurated the first phase of the project officially named ‘Yashobhoomi’ on Sunday. The government has spent Rs 5,400 crore on the development of the first phase of the project, this includes Rs 940 crore investment on extension of Delhi Airport Metro Express line from Dwarka Sector 21 to a new metro station ‘Yashobhoomi Dwarka Sector 25’.</p>.<p>In the first phase, major investments have been made in the development of exhibition halls, convention centre and metro link.</p>.<p>Kinexin Convention Management Pvt Ltd., a consortium of Korea International Exhibition Centre (KINTEX) and eSang Networks Company Limited, has been appointed as the operator for the exhibition and convention centre.</p>.<p>Addressing the media, DPIIT Secretary Singh said the operation of the entire exhibition and convention centre developed in the first phase will be handed over to the Korean firm from October 1, 2023 for a period of 20 years. “The Korean firm has been selected on the basis of a global bidding. The agreement is for 20 years,” he added.</p>.<p>On the terms of the agreement, Singh said, “It is on a revenue sharing basis. The company (Kinexin Convention Management Pvt Ltd) is required to share one-third of the revenue with the government.”</p>.<p>The project has been developed by India International Convention & Exhibition Centre (IICC) Limited, a special purpose company wholly owned by the Government of India through DPIIT.</p>.<p>The second phase of the project will be focused on development hotels, shopping malls and office and commercial spaces. The total project area is 221 acre. In the first phase, nearly one-third of the area has been covered. “There will be five star and three star hotels. The bidding will start soon,” DPIIT secretary said.</p>.<p>Singh said India's ranking in the global MICE (Meetings, Incentives, Conferences and Exhibitions) industry is likely to improve significantly with the opening of two new facilities – India International Convention and Expo Centre (IICC) and Bharat Mandapam in the national capital.</p>.<p>India is currently ranked at 28th position and accounts for less than 1% share of the global MICE business. Delhi is ranked at 75th position. "With these new facilities, we target to bring Delhi in top 5 global cities in MICE business," Singh added.</p>
<p>The second phase of Rs 25,000 crore India International Convention and Expo Centre (IICC) project in the national capital will be developed in a public private partnership (PPP) mode for which the bidding process would begin soon, Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar Singh said on Tuesday.</p>.Driving Change, Building Value: Nayaz Faiyaz Ahmed’s Dynamic Approach to Real Estate.<p>Prime Minister Narendra Modi inaugurated the first phase of the project officially named ‘Yashobhoomi’ on Sunday. The government has spent Rs 5,400 crore on the development of the first phase of the project, this includes Rs 940 crore investment on extension of Delhi Airport Metro Express line from Dwarka Sector 21 to a new metro station ‘Yashobhoomi Dwarka Sector 25’.</p>.<p>In the first phase, major investments have been made in the development of exhibition halls, convention centre and metro link.</p>.<p>Kinexin Convention Management Pvt Ltd., a consortium of Korea International Exhibition Centre (KINTEX) and eSang Networks Company Limited, has been appointed as the operator for the exhibition and convention centre.</p>.<p>Addressing the media, DPIIT Secretary Singh said the operation of the entire exhibition and convention centre developed in the first phase will be handed over to the Korean firm from October 1, 2023 for a period of 20 years. “The Korean firm has been selected on the basis of a global bidding. The agreement is for 20 years,” he added.</p>.<p>On the terms of the agreement, Singh said, “It is on a revenue sharing basis. The company (Kinexin Convention Management Pvt Ltd) is required to share one-third of the revenue with the government.”</p>.<p>The project has been developed by India International Convention & Exhibition Centre (IICC) Limited, a special purpose company wholly owned by the Government of India through DPIIT.</p>.<p>The second phase of the project will be focused on development hotels, shopping malls and office and commercial spaces. The total project area is 221 acre. In the first phase, nearly one-third of the area has been covered. “There will be five star and three star hotels. The bidding will start soon,” DPIIT secretary said.</p>.<p>Singh said India's ranking in the global MICE (Meetings, Incentives, Conferences and Exhibitions) industry is likely to improve significantly with the opening of two new facilities – India International Convention and Expo Centre (IICC) and Bharat Mandapam in the national capital.</p>.<p>India is currently ranked at 28th position and accounts for less than 1% share of the global MICE business. Delhi is ranked at 75th position. "With these new facilities, we target to bring Delhi in top 5 global cities in MICE business," Singh added.</p>