 "Odisha seeks Rs 15 cr from Centre for WTC convention centre")
Aiming to start project activity on the convention centre for the World Trade Centre (WTC) in the city by September this year, the Odisha state government has sought a financial assistance of Rs 15 crore from the Centre.
The state government has urged the Union ministry of commerce & industry to provide funds under central component of Assistance to States for Developing Export Infrastructure & Other Allied Activities (ASIDE).
"The department of commerce may provide financial assistance of Rs 15 crore to Idco for the project during the current financial year under ASIDE. Since the project is at an advanced stage of development, I would request the department of commerce to provide the above financial assistance in order to make the project viable", Idco chairman and managing director (CMD) Vishal Dev said in a letter to J K Dadoo, joint secretary, Union ministry of commerce & industry.
The project cost of the convention centre is estimated at Rs 380 crore. Idco is planning to promote a joint venture (JV) company for implementation of the project.
Presently, the detailed architectural design and master planning of the project is being done by Populous Design Ltd of Australia. International Finance Corporation (IFC) has been engaged to assist in finalising the business model of the project.
The convention centre of WTC coming up at Janata Maidan in the city, will have a trade zone in it. The centre will have facilities such as holding international conferences, workshops, seminars, exhibitions and trade fairs.
Upon completion of construction, a 1.7 km sky-walk will connect the convention center to all the nearby hotels and the WTC building behind Fortune Tower, as per the project details.
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The project is planned to be developed through a mixed funding model wherein investment would be funded through budgetary sources and the PPP (public private partnership) partner is expected to finance the hotel facility and operations & maintenance (O&M) of the entire project.
Currently, the WTC office is operating from Fortune Towers, a commercial complex built by Odisha Industrial Infrastructure Development Corporation (Idco). Later, it would be shifted to its own building to be set up on 25 acres of land behind the Fortune Towers.