The Union Cabinet on Wednesday approved monetization of land at Pragati Maidan in the heart of the national capital for building a five-star hotel.

The India Trade Promotion Organisation (ITPO), which manages the Pragati Maidan, will undertake a mega project to redevelop the land into a world-class International Exhibition and Convention Centre, Information and Broadcasting Minister Prakash Javadekar said.

Information and Broadcasting Minister Prakash JavadekarITPO will transfer 3.7 acres of land at Pragati Maidan on a 99-year fixed lease for developing the 5-star hotel.

A Special Purpose Vehicle (SPV) will be formed by the Indian Tourism Development Corporation (ITDC) and the Indian Railway Catering and Tourism Corporation (IRCTC) for the development and operation of a five-star hotel with modern amenities.

(With inputs from Ndtv)