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.