Korea’s eSang Networks to run India’s largest convention center for 20 yrs
Korea’s eSang Networks to run India’s largest convention center for 20 yrs

Korea’s eSang Networks to run India’s largest convention center for 20 yrs

Date : 17 Jul, 2017
Pulse News

A consortium led by South Korea’s leading exhibition organizer eSang Networks Co. has won a bid to operate the India International Convention and Exhibition Center (IICC) for 20 years, paving the way for Korean convention center operators into overseas markets.

The company said on Monday its consortium with KINTEX convention center, the operator of Korea’s largest convention center, was picked as a final winner in a bid for operation of the IICC by the Indian government. The news comes four months after the company formed the consortium with KINTEX to bid for the project. After winning the final bid, the consortium will become the first operator of a foreign exhibition center among domestic convention management and operating firms.

The two firms last week set up a local subsidiary Kinexin Convention Management that will be in charge of running the center for 20 years starting 2020.

The IICC commanding an area of 300,000 square meters is under the first phase construction that is aimed at building a 60,000-square-meter exhibition hall and conference room of the same size by the end of next year. At the second stage, it will complete the construction of the rest of the area of 180,000 square meters.

“India will become the fifth Asian country to have an international convention center bigger than 100,000 square meters following China, Thailand, Singapore and South Korea,” said an official from eSang Networks. “The IICC will become the fourth largest exhibition center in Asia.”

The IICC is expected to host various events and fairs that will be organized to target the world’s second most populous country with a population of 1.3 billion. The center could also serve as a gateway for Korean companies who seek to enter India and the broader Southwest Asia by holding events at the venue.

India is the seventh largest economy in the world and has been emerging as one of the major economic centers in Asia. New Delhi, the capital, is the heart of the country’s politics, economy and culture, and has abundant demand for exhibitions.

The IICC will be located just 10 kilometers (6.2 miles) away from the Indira Gandhi International Airport. In order to raise accessibility, subway lines, railways and highways will be added at the surrounding area by 2020.

On Tuesday, shares of Kosdaq-listed eSang Networks fell 1.96 percent to end at 10,000 won.

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