The Hindu : Kerala / Thiruvananthapuram News : Pact for international convention centre to be signed today

Online edition of India's National Newspaper
Wednesday, Jun 13, 2007
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Kerala

Kerala - Thiruvananthapuram

Pact for international convention centre to be signed today

S. Anil Radhakrishnan

State Government to have 26 per cent equity participation

Thiruvananthapuram: The authorisation agreement between the Government of Kerala and M/s Chalet Hotels for setting up a Rs.100-crore International Convention Centre Complex (ICCC) near Akkulam Tourist Village in the city will be signed on Wednesday.

The agreement, approved by the Cabinet, will be signed in the presence of Minister for Home and Tourism Kodiyeri Balakrishnan at a function here at 6 p.m. Official sources said the Cabinet had already cleared the authorisation agreement and a notification to this effect was issued on June 4.

With this, the decks have been cleared for setting up the ICCC with 26 per cent equity participation of the State Government. A Special Purpose Vehicle (SPV) will be formed to implement the project, which will give a fillip to MICE (Meeting, Incentive, Convention and Exhibition) tourism in the capital city and southern States.

Chalet Hotels Ltd. (part of the K. Raheja Group) in association with K. Raheja Corp, Mumbai; and DLF Universal Ltd. (Gurgaon) in association with Singex Pte. Ltd, Singapore; were selected through a bidding process. The consortium led by Chalet Hotels emerged as the "preferred bidder" by quoting the highest land value an acre of Rs.36.51 lakh against Rs.20.01 lakh quoted by DLF. Official sources said the preferred bidder paid the `Project Development Expenses' of Rs..35 crore.

To be taken up under the Built-Operate-Transfer (BOT) concept, the ICCC will come up on 46 acres on the left side of the road leading from Akkulam Tourist Village to the Kazhakuttam-Inchivila NH 47 Bypass. Official sources said the group would now be able to finalise the design for the ICCC and other parameters and take up construction activities in the next six months.

The ICCC will have a total built-up area of 16,480.86 sq. m. It will have a convention and exhibition centre, resort, retail, marina and on-site infrastructure in the first phase. "The authorisation period is for 90 years from the date of signing of the agreement. The period will include the construction period and the first phase of the ICCC will be completed in three years," sources said. The convention and exhibition centre will have a plenary hall, hi-tech hall and VIP room.

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