Hyderabad, Sep 8 (UNI) Andhra Pradesh cabinet today approved setting up of an International Convention Centre in 19.84 acres of land in New Delhi at a cost of Rs 1,000 crore.
A ''green building'' with all facilities would be developed in the land comprising the 'AP Bhavan Site', old nursing hostel and Pataudi House to meet the increasing demand for holding national and international-level conventions and exhibitions in the capital, Information Minister A Ramanarayana Reddy told reporters here after a Cabinet-meeting chaired by Chief Minister Y S Rajasekhara Reddy.
The project has been awarded to M/s Nagarjuna Construction Company Limited and NCC Infra Holdings, which offered revenue sharing at the rate of 12.34 per cent, by Technical Advisory Committee and Special Empowered Committee headed by the Chief Secretary, he said.
The project would be developed under public-private partnership mode on build, operate and transfer basis by leasing the land for 30 years, excluding the contruction period of 24 months and financial closure period of six months he said, adding the Government would not make any financial contribution for the project.
As part of the project, the developer would build an International Convention Centre which included an Art gallery with food courts and International Club house, he said.
The Developer was required to pay to the State Government annual minimum amount of Rs 45 crore during the first 10 years, Rs 60 crore during the next 10 years and Rs 75 crore in the last ten years, he added.
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