DRAFT
No. 2(2)/2010-TP (Vol. V)
Government of India Ministry of Commerce & Industry
Department of Commerce
(Trade Promotion Section)

Date:

MEMORANDUM FOR PUBLIC INVESTMENT BOARD FOR RE-DEVELOPMENT OF PRAGATI MAIDAN AT NEW DELHI

1. PROJECT IDENTIFICATION

1.1 Title of project: Developing Integrated Exhibition-cum-Convention Centre Complex Phase -I of Re- development of Pragati Maidan at New Delhi (India).

1.2 Name of the Sponsoring Agency (Ministry/ Departments/ Autonomous Bodies/ Central PSUs): Department of Commerce, Ministry of Commerce and Industry, Government of India, New Delhi.

1.3 Proposed duration of the Project: The project is expected to take 36 Months from the later of date of selection of one or more project executors including necessary statutory approvals. The Project Executor(s) is/are likely to be selected by January, 2017. The project is expected to be completed during FY 2019-20.

1.4 Total cost of the project over the proposed duration: Total capital cost of the project is estimated to be Rs. 2,254 Crore.11.5

1.5 Nature of scheme: Central Sector/ Centrally Sponsored/Additional Central Assistance: Central Sector (through DoC).

2. PROPOSAL CATEGORY

2.1 Please indicate which category the project belongs to:

a) Continuing scheme from past Plan periods and included in current Plan period: NA

b) New Plan Scheme included in the current Plan period: NA

c) New Plan Scheme not included in the current Plan period: YES

2.2 If the project pertains to category 2.1(a), please summarize the benefits already accrued and expenditure already incurred.

Not applicable

2.2(a) Also for proposals belonging to category 2.1 (a) an evaluation report by an independent agency with comments of FA/IFD thereon may be provided along with following details as Annexure to EFC/PIB memo:

Not applicable for this project.

2.2(b) If there are changes proposed in the proposal belonging to category 2.1(a), please provide existing provisions and proposed changes against each component in tabular form along with financial implications due to the proposed changes: Not applicable for this project.

2.3 If the project pertains to category 2.1(C) please indicate whether in-principle approval of Planning Commission has been obtained.

In-principle approval not required. The proposal has been discussed with PMO. The Project presentation was made by the Secretary, MOC to the Hon’ble Prime Minister on 21st December, 2015.

2.4 Please indicate in case of new Centrally Sponsored Scheme or Major change in ongoing CSS, whether States/UTs have been consulted and their consent obtained to implement the scheme with proposed sharing of funds.

Not applicable

3. JUSTIFICATION FOR THE PROJECT

3.3 The justification for taking up new proposal may be provided in terms of:

i. Demand and supply analysis to identify gaps.

ii. Conformity with the Plan Priorities and National Objectives.

iii. Problems to be addressed at local/ regional/ national levels, as the case may be, through scheme/project.

3.1.1 The Indian Trade Promotion Organization (ITPO), the trade promotion agency of the Ministry of Commerce and Industry, Government of India owns and manages the Pragati Maidan exhibition complex, which is the largest exhibition centre in India, both in terms of exhibition space (65,054 sq m) and the number of events held (92 events in CY 2011). The majority of events held at the centre are business to business (B2B) trade fairs. However, Pragati Maidan also hosts some of India’s largest consumer fairs like IITF, Auto Expo, and World Book Fair etc.

3.1.2 Need for Re-Development of the Exhibition Centre

The total area of Pragati Maidan complex is 123.51 acres (inclusive of area occupied by National Science Centre (14,382 sq m) Crafts Museum (7,802 sq m). Over the years, the facility has consistently enjoyed an average occupancy of over 30% (ratio of space sold days to total available space days) – fairly high as compared to international standards which are generally in the range from 11% to 21%.

Despite its good performance, there are several internal and external factors which have necessitated the redevelopment of Pragati Maidan:

a) Inability to host international level large exhibitions to the size of 1, 00,000 sq. mtrs.

Currently, several international large exhibitions do not come to India due to capacity constraints. Building a larger capacity would help bringing such external participation to Indian exhibition space.

b) Low exhibition area density

Pragati Maidan is also constrained by the presence of non-utilizable spaces in the form of pavilions owned by the State Governments and Departments/ Ministries of the Central Government.

c) 33% of existing exhibition space non usable during most of the year.

The facility comprises of exhibition space in 17 halls, totalling an area of 65,054 sq. mtrs. It must be noted that this full capacity is only utilised during selected few events like IITF, Auto Expo, World Book Fair, etc. The reason for this being:

i. The present exhibition facility and infrastructure is quite old and dilapidated (built between 1957-1990).

ii. Only 67% of the total exhibition area is air-conditioned and usable across the year, while rest (21,413 sq. mtr.) is mostly non usable due to climate control reasons.

d) High utilisation in peak season.

Pragati Maidan runs at near full capacity for the major part of the peak season. It should be noted that this occupancy is seen only in air-conditioned halls of the campus. Other non-air-conditioned halls witnessed a low occupancy for most of the year.

e) Presence of few regular, large events lead to capacity short fall.

The peak season is characterised by the presence of a few large sized, regular events, which highlights the fact that Pragati Maidan runs out of capacity during such periods. For example, in most parts of November, the utilisation is 100% due to India International Trade Fair and in December, events like LED Expo, India Telecom, PAPERX and ACE-TECH occupied 70% of the facility. The facility is unable to cater to many third party, smaller sized events during the peak season due to lack of capacity.

f) Declining market share. While still being the largest exhibition centre in India today, Pragati Maidan has seen its market share decline, both in terms of events and space sold. Among the top 14 exhibition centres in the country, share of Pragati Maidan in the exhibition space sold has declined from 55% in 2000 to 34% in 2011. In terms of space sold days, the figure has dropped from 47% to 35% in 2005 and 2011.

While this drop in market share can be attributed partially to the addition of new facilities in other Indian cities, the most important reason has been the inability of Pragati Maidan to accommodate additional events. With the exhibition space sold expected to grow to 16.5 mn sq m by 2030, capacity expansion is necessary to enable Pragati Maidan to maintain and even increase its market share.

3.1.3 Need for a Convention Centre

Apart from the need to re-develop the exhibition spaces, the need for a world class high quality convention centre with large capacity, situated in the heart of Delhi has been voiced at the highest level.

National Capital Region (NCR) is the largest conventions market in India. It hosts 55 international Business to Business, 520 domestic Business to Business and 450 Government to Government convention events every year.

a) Need for venue to host Government to Government (G-G) events

Being the capital city with large government presence, NCR hosts ~40% of all G-G events in India. The number of G-G events in the city is estimated to grow to 1,240 by 2025. Currently, the Government events are primarily held at Vigyan Bhawan (1,285 pax). Other centres are sub-500 pax in size and include auditoriums like Siri Fort, Scope Complex, etc.

It is estimated that NCR would have a demand of 2,350 G-G convention event days by 2025, amounting to a total of 1.53 mn delegate days. Evidently, there is an urgent need to create a larger facility to attract and host bigger sized G2G events.

Also, it must be noted that most National capital cities across the world have a dedicated large tiered hall, with capacity more than 3,000 pax, for holding G-G events. It is clear that NCR needs a larger and plush venue for G-G events.

b) Need for venue to host Business to Business (B-B events)

NCR is the largest host for international and domestic B-B conventions in the country (15% of all conventions in India) and also possesses several ecosystem and infrastructure drivers working in its favour, creating a huge demand for convention events.

However, growth of NCR as a global conventions destination has been limited by the lack of sufficient convention infrastructure. There is no venue available for hosting

G2G international conventions / conferences e.g. ADB/IMF, G-20, Common Wealth etc. NCR currently lags in terms of convention capacity for B-B events, with the largest venue being 3,600 pax (Hotel Kempinski Ambience) only. In comparison, all major convention destinations globally, have multiple venues with capacities more than 5,000 pax. To attract large events from South-East Asia venue to India, the upcoming and proposed conventions centres across India are also planned with the capacities above 5,000 pax.

c) Need for convention space to serve exhibition events

Exhibitions and conventions are allied activities. Most exhibitions also require spaces for adjoint events such as conferences, meetings and inauguration functions. The facilities currently available in Pragati Maidan lack the scale and quality required to serve this segment. In order to create a world-class exhibition venue, it is necessary to provide adequate co-located convention and meeting facilities, making it an integrated venue capable of meeting all the needs of the event organizers.

3.1.4 Need for a Hotel:

The hotel accommodation with other appurtenant facilities is an essential requirement of any world class Exhibition-cum-Convention Centre in line with International standards & practice for such type of projects all over the World. Most convention centers have hospitality assets as part of the property. Some of the international and Indian examples are given below;

Project	Hotel
International Benchmarks
CEC, Hong Kong	Renaissance, Grand Hyatt - 1,962 keys
International Convention Centre, Sydney	Accor - 138 keys
Melbourne Convention and Exhibition Centre	Hilton hotel
Perth Convention and Exhibition Centre	Convention Centre, Golf Course, Hotel
Schaumburg Convention Centre Illinois	Renaissance Schaumburg Hotel - 500 keys
CC, Kuala Lumpur	Impiana KLCC Hotel - 571 keys
McCormick Place	Hyatt Regency - 1260 keys
Dubai International Convention Centre	Ibis, Novotel - 622 keys
China National Convention Center	CNCC Grand Hotel - 420 keys
Excel CEC, London	Aloft Excel London - 252 keys
Indian Benchmarks
Hyderabad International Convention Centre	Novotel Hyderabad - 288 keys
The Ashok Convention Centre, Delhi	The Ashok - 550 keys
Proposed ICC, BKC, Mumbai	Proposed
Proposed ICC, Mohali	Proposed
International Convention Centre, Devanhalli	Proposed
International Convention Centre, Magadh University, Bodhgaya	Proposed (Hyatt Hotels)
Hotel-cum-Convention Centre and Heritage Theme Park, Mysore	Proposed
Hotel-cum-Convention Centre and Heritage Theme Park, Mangalore	Proposed
Exhibition-cum-Convention Centre at Sitapura Industrial Area, Jaipur	Proposed
Exhibition-cum-Convention Centre, Gurgaon	Proposed

A hospitality development along with the Convention Centre supports the project in the following ways –

• To cater to the needs of accommodation facilities for the delegates.
• Integrated hospitality facility alongwith the Convention Centre is preferred option to avoid outside F&B tie-ups.

The preferred choice by a private operator is to have an integrated Convention and Hospitality facility considering the ease of marketing and booking and looked as a means to optimise the convention revenues, as lower margins on convention centre are compensated by high margin in hospitality.

3.1.5 ITPO’s Charter as per Section 25/ Section 8 Company is to undertake trade promotion activities. One of the main objects of the organization is to promote, organize and participate in industrial trade and other fairs and exhibitions in India.

Pragati Maidan facility is a key facilitator towards meeting this object. Over the years, market demands have far outstripped the existing facilities at Pragati Maidan. With increasing demand for larger, flexible spaces for holding exhibitions, a re-development project is necessary to expand the existing exhibition facilities in keeping with modern requirements.

Thus, the exhibition and Convention Centre at Pragati Maidan is intended to support the national trade promotion objective and to support NCR in becoming a globally competitive MICE destination. In order to achieve this, it requires an improved capacity and state-of- the-art facilities. This would enable the facility to cater to those events currently un- catered and also international events that require world-class facilities to be hosted.

NCR/Delhi possesses all necessary key drivers and enablers - e.g. presence of large agglomeration, strong service cluster, tourist and incentive hub, connectivity, hospitality and location in the National capital - to become an attractive convention and exhibition destination. Exhibitions and conventions have a strong driving impact towards domestic industries including transportation, travel and tourism, catering and hospitality. It result in generation of employment, not only directly, but also through the growth in allied industries as a result of the economic stimulus propagated through exhibitions and conventions

3.2. The alternatives that have been considered before firming up the design of the project may be stated (this should also include alternate modes of project delivery e.g. outsourcing PPP etc. that have been considered).

3.2.1 Project Delivery Options

Exhibition and Convention Centre

Two options have been considered for delivery and implementation of the exhibition and Convention Centre – Phase I of the project:

1. Construction by ITPO on Engineering Procurement Construction mode.

• ITPO takes up entire development by assigning the project to NBCC as deposit work.
• Project design, construction and operations contracted/tendered out to single/separate entities on EPC mode.
• ITPO has the option to either operate the exhibition and convention centre on its own or to bring in a separate private player to operate and manage the Convention Centre on a management revenue sharing contract.

2. Public Private Partnership (PPP)

• Design, financing, construction and operations undertaken by a single/multiple private sector entity for a specified period
• Various possibilities for risk transfer mechanism
• Land leased out to the private player in return for a pre-determined annuity payment based on a competitive bidding process.
• The private player is provided a mandate to develop as per the specifications of the exhibition and convention centre, as intended.
• In this model, the role of ITPO would be limited to being the governing Authority and the asset owner.

3.2.2 The PPP model is not recommended in view of the following factors.

i. Possibility of operational conflict with the PPP partner when operations of existing halls (7-12) are retained by ITPO

ii. ITPO’s existing manpower (~852 employees) goes unutilized

iii. ITPO will not be able to fulfil its Charter as a Section 25 Company without Pragati Maidan

iv. In such case, only two options remain: Either dissolve ITPO or change its charter to limit its role as a regulator. ITPO’s role as a regulator would be two-fold:

• Market regulator for exhibitions in India – Framing guidelines for organising exhibitions, framing charters for various international trade shows, etc.
• Organization of trade fairs abroad.
• To regulate and oversee trade focus of events happening at Pragati Maidan.
• Re-definition of ITPO’s role required for supporting trade promotion, especially for Micro, Small and Medium Enterprises (MSME’s)
• ITPO would require ~INR 125 cr. every year to promote, organize and participate in foreign / Indian fairs. Availability of yearly grant funding to ITPO would be an issue.
• Sub-leasing of land not allowed as per Lease Deed to ITPO
• Shift from Nominal Lease Rent to Commercial Lease Rent likely on allotment of land to private player

v. Government funding would be required - Typical real estate developer and operator would require equity IRR of at least 20% from the project. However, the revenues from the integrated project would not be financially capable of giving such returns. This implies that suitable Government support would be required in the form of viability gap funding (VGF) if project is developed on PPP.

vi. Strong administrative/booking control required ensuring operational viability of the facility

vii. Robust risk-allocation mechanism required

viii. Land cost/Location make PPP un-advisable - Pragati Maidan is located at one of the most prime locations in Delhi. Development of the project on a PPP basis at such a highly priced property is not economically favourable.

3.2.3 Recommended Development Model

Looking at the above discussions, it is not recommended to develop the exhibition and convention centre project on a PPP basis. It is recommended that ITPO develops the project on its own on EPC mode.

However, while certain area for the hotel is being earmarked, as of now the hotel component of the project is not being envisaged. Its development can be considered at the appropriate time including on a PPP mode.

3.3. Please state whether the project proposed has objectives and coverage which overlap the projects/ schemes being implemented by the same or another agency (Ministry/ Departments/ State Government). In case of overlap, please state why the project scheme needs to be considered as a separate standalone effort.

- None

4. PROJECT OBJECTIVES & TARGETS

4.1 The objectives of the project may be mentioned. These objectives should flow from the project justification.

4.1.1 The world class Integrated Exhibition and Convention Centre (IECC) to be set up in Pragati Maidan is envisioned as a self-contained, totally integrated, state-of-the-art infrastructure for organizing exhibitions, business events, meetings, and conventions.

4.1.2 Broad objectives of redevelopment of the Exhibition Centre

• To continue undertaking trade promotion activities as per its charter as a Section 25/ Section 8 company.
• To undertake promotion of exports by organizing large-scale exhibition events involving international participation
• Promote hosting international events in India and migration of large events from other South-east Asian venues to India.
• To continue spearheading trade fair promotion in India by organizing larger-events untouched by Indian exhibition spaces due to capacity constraints
• To effectively utilize existing capacity and land asset available to ITPO by redevelopment of unusable spaces.

4.1.3 Broad objectives of redevelopment of the Convention Centre

• To leverage NCR’s position as a leading convention’s destination
• To provide a world-class platform for organizing Government-to-Government and Business-to-Business and Government-to-Business events
• To provide capacity for hosting larger conventions/conferences currently untouched by Indian convention centres due to capacity constraints

4.1.4 Broad objectives of development of a Hotel

• To provide a support facility for the operations of the Exhibition and Convention Centre
• To provide best-in-class F&B and accommodation services to the guests visiting the Complex.
• Integrated convention and hospitality facility the first choice of private operator.
• Integrated convention and hospitality facility makes the marketing pitch stronger and increase the possibility of large event commitment.
• To compete the upcoming integrated facilities in NCR, Pragati Maidan would need to incorporate a hospitality asset.

4.1.5 Envisaged Benefits of the Integrated Project

• The project apart from the gains to Pragati Maidan, is envisaged to provide several benefits to the local economy and international trade. They can be broadly summarised as:
• Enabling global knowledge transfer: Large trade fairs attract a number of foreign exhibitors who want to showcase their technologies and products, attract visitors/buyers from around the world and understand the competition, technological products and processes in other countries. Thus the project would play a key role in transferring technological know-how and developing domestic expertise.
• Providing a platform for trade exchange: Aided by healthy trade policies and relationships, the trade fairs have seen opening up of avenues for several new business tie-ups through showcasing of products and services. Moreover, exhibitions provide exhibitors with a means to sell their products to a wider audience, potentially leading to new export opportunities for the country.
• Boosting the local industry: Exhibitions and conventions have a strong driving impact towards domestic industries including transportation, travel and tourism, catering and hospitality. The Convention and Exhibitions industry has a multiplier effect of upto 2-6 times depending on the type of industry.
• Generating employment across allied sectors: Exhibitions result in generation of employment, not only directly, but also through the growth in allied industries as a result of the economic stimulus propagated through exhibitions and conventions.

4.2 The specific targets proposed to be achieved of the proposal/ scheme may be mentioned. These targets should be necessarily measurable. These should also be monitorable against baseline date. The baseline may be indicated.

Component	Year								Total
	Year 1 (FY 2016)		Year 2 (FY 2017)		Year 3 (FY 2018)		Year 4 (FY 2019)		Phys. Total	Finan. Total In crore
	Physical	Financial in crore	Physical	Financial in crore	Physical	Financial in crore	Physical	Financial in crore
Exhibition Centre	7%	68	25%	203	40%	373	38%	366		1010
Convention Centre	25%	108	45%	191	25%	108	5%	45		452
Infrastructure	40%	85	35%	65	25%	65	-	=		215
Total										1677

4.3 The outcomes of the proposal to be achieved should be indicated. These outcomes should be in the form of measurable indicators which can evaluate the proposal on quarterly/half yearly/annual/plan basis.

After completion of the world class Iconic State-of-the-art Integrated Exhibition-cum- Convention Centre (ITCC), the following facility will be developed:

Total development of 3,26,065 sq. mtr. of built up area including 1,20,000 sq. mtr of new air-conditioned exhibition space alongwith supporting infrastructures, in addition to the existing 40,000 sq.mtr exhibition space. The total exhibition space will become 1,60,000 sq. mtrs. (1,20,000 + 40,000).

Convention Centre facility of 7000 pax sitting in single format (with plenary hall of 3000 pax capacity, functional hall of 4000 pax) and in addition various appurtenant facilities like meeting halls, lounges, services

Parking space for about 4800 Passenger Car Units (PCU).

The following proposed broad timelines of the project to be achieved;

i. Approval of PIB Note- First quarter of 2016

ii. Approval of CCEA Note- First quarter of 2016

iii. Engagement of Architectural Consultant First quarter of 2016 by NBCC

iv. Preparation of DPR- Third quarter of 2016

v. Statutory approvals From third quarter of 2016 to first quarter of 2017

vi. Selection/ award of work to Executing Agency- Last quarter of 2016

vii. Execution of work- From first quarter of 2017 to second quarter of 2018.

The details of year-wise expenditure will be as under:

Sl. No.	Year		%age completion / expenditure on Project
1	Expenditure on Construction and support infrastructure
	(i)	FY 2016-17	25
	(ii)	FY 2017-18	55
	(iii)	FY 2018-19	15
	(iv)	FY 2019-20	5
Sub-Total (A)			100

4.4Briefly explain the objectives of the other programmes/projects undertaken by Ministry/Dept which are in convergence with the objectives of proposed proposal.

- Not relevant (through DoC)

4.5 Please indicate whether the proposal is for current Plan only or will continue in next Plan also.

- For the current Plan and next Plan also.

10. PROPOSAL VIABILITY

10.1 In case of proposals which have identified stream of financial returns, the financial internal rate of return may be calculated. The hurdle rate is considered at 12%.

10.1.1 The project (exhibition and convention components) would have stream of revenues from two sources:

10.1.2 Existing Facility: Hall 7-12 and 12A would be retained for holding exhibitions (ITPO fairs and third party fairs) during the construction of Phase 1 development. These halls will be retained till start of Phase 2. The revenue from these halls will also be useful in funding overheads of ITPO during the construction period.

10.1.3 New Facility: The new exhibition halls and the convention centre will be ready for operations by end of FY 18-19.

10.1.4 The overall project has an NPV of 944 cr with an IRR of 16.3% and hence is financially feasible. Year-wise estimates of capex, revenues and operating costs are given in (ANNEXURE-IV).

10.2 In case of proposals where financial returns are not readily quantifiable (typically social development proposals), the measurable benefits/outcomes may be indicated.

- Not applicable

....

12. PROPOSAL SENSITIVITIES/UNCERTAINTIES

12.1 Any foreseeable constraints/ uncertainties which can affect the technical design, costing & implementation of the project may be indicated.

12.1.1 The proposed project is currently at the financing stage with broad estimate of project cost, layout plan and configuration analysis in place. The detailed project design will follow after the selection of Project Executors. The following uncertainties can affect the project design, costing and implementation:

• Statutory Approvals - The project awaits the following approvals from various authorities:
  • Delhi Urban Art Commission
  • Municipal Corporation of Delhi
  • National Monuments Authority (NMA)
  • Unified Traffic and Transportation Infrastructure (Planning & Engineering) Centre (UTTIPEC)
  • Ministry of Environment
  • Delhi Police
  • Airports Authority of India
  • Delhi Fire Service etc.

MCD shall give the approval for the project after receiving DUAC’s consent/ NOC. All requisite approvals will be obtained before start of the work.

12.2. The likely impact of these constraints/ uncertainties on the proposal parameters may be stated. In particular, the sensitivity of the proposal cost, proposal schedule and proposal viability towards the possible constraints/ uncertainties may be mentioned.

Any delay in getting any of the approvals given in 12.1 above shall affect the start of the project and may adversely impact the project cost.

13. MANDATORY APPROVALS/CLEARANCES:

The details regarding the requirement of mandatory approvals/clearances of various local, state and national bodies and their availability may be indicated in a tabular form

S No	Approvals / Clearances	Agency Concerned	Availability (Y/N)
1.	Master Plan Approval (With architectural concept)	MCD will forward the proposal to DUAC & approval shall finally be given by MCD after getting the consent / NOC from DUAC and other agencies/deparmrnts.	N
2.	Conceptual / Detailed Design Options and their Valuation Stage (For external interventions outside the limit of the Redevelopment Project of ITPO.	UTTIPEC	N
3.	NOC for Project Construction with respect to heritage byelaws.	National Monument Authority	N
4.	Environment Impact Study & Clearance	Ministry of Environment	N
5.	Tree cutting permission	Delhi Forest Division
6.	Building Plan Sanction	MCD	N
7.	Fire Clearance	Delhi Fire Services	N
8.	Height Clearance	Airport Authority of India	N
9.	Electric Sub-station location/ Installation of DG clearance	BSES	N
10.	HSD / LPG layout Approval (At Project Design stage)	Department of Explosive, Nagpur	N
11.	Permission for shifting of Deep sewage line going from within the Premises	Delhi Jal Board	N
12.	Permission for direct access from Delhi Metro Station to the Project Site	Delhi Metro	N
Note – The above is a tentative list of Approvals required for the Redevelopment Project, as envisaged at this stage.

All requisite approvals will be obtained before start of the work.

14. Consultations with the Public, State Governments, External Research Agencies, Think Tanks, etc.

14.1 To the extent possible and practicable, such consultations may be done by the Administrative Ministries. The draft Proposals may be placed on the web site of the sponsoring Ministries and comments invited from the general public. The draft proposals may be formulated/finalized taking into account such comments. Details in this regard may be indicated in the EFC /PIB memo.

The PIB Note is being circulated to various Departments/Ministries before posing the same to Public Investment Board. On circulation, if there are comments of any Department/Ministries, the reply to same will be communicated.

....

16. APPROVALS

16.1 Please indicate the specific points on which approval of EFC / PIB is sought.

Approval of the IECC project at an estimated cost of Rs. 2,254 crore for setting up of Integrated Exhibition-cum-Convention Centre (IECC) project at Pragati Maidan, New Delhi as proposed in Para 6 at pages 14-21.

Utilising ITPO’s reserves of Rs. 1000 crore out of the total requirement of funds of Rs. 2254 crore and the balance funds from the Banks/financial institutions as term loan on the strength of Govt. Guarantee.

Assigning of the IECC project to National Buildings Construction Corporation Ltd., (NBCC) on a nomination basis as a project management Consultant to undertake the said project on behalf of ITPO after signing a proper MOU with ITPO.

(Anita Praveen)
Joint Secretary to the Govt. of India

Ph. No.: 23062526