Apart from L&T, major construction firms such as Shapoorji Pallonji, Tata Projects and Nagarjuna Construction Company had also bid for the first phase of the project, a senior official with the Delhi Mumbai Industrial Corridor Development Corporation (DMICDC), which is the knowledge partner of the project, told FE.
Larsen & Toubro (L&T) has bagged a Rs 2,791-crore contract for detail design, engineering and construction work for the first phase of the Rs 26,000-crore exhibition-cum-convention centre in Dwarka, New Delhi.
Larsen & Toubro (L&T) has bagged a Rs 2,791-crore contract for detail design, engineering and construction work for the first phase of the Rs 26,000-crore exhibition-cum-convention centre in Dwarka, New Delhi. Apart from L&T, major construction firms such as Shapoorji Pallonji, Tata Projects and Nagarjuna Construction Company had also bid for the first phase of the project, a senior official with the Delhi Mumbai Industrial Corridor Development Corporation (DMICDC), which is the knowledge partner of the project, told FE. The contract has been awarded on an EPC (engineering, procurement and construction) basis by India International Convention and Expo Centre (IICC) — a 100% government-owned special purpose vehicle (SPV), tasked with developing the project. “We are extremely pleased to see this project move as fast as it has done since it got the Cabinet approval in November. We have now completed the bidding process, finalised the Phase-I contract and incorporated the SPV to manage the project,” said Alkesh Kumar Sharma, CEO and MD, DMICDC. He expressed confidence that the first phase will be over by the end of 2019 with a fully functional convention centre. Work on the project is likely to start in January 2018.
All important approvals and clearances from various authorities, including those from the environment ministry, have been received. Once fully operational, the centre is projected to create 500,000 direct and indirect jobs and raise India’s share three times in the Asian MICE (meetings, incentives, conferences and exhibitions) market to 15%, according to a feasibility study note of the project. The centre was planned to address the lack of a world-class convention and exhibition centre in India to compete with Asian cities such as Shanghai, Hong Kong and Singapore and grab a larger slice of the global MICE market, the estimated size of which is around $280 billion.