A consortium led by Korea's largest tradeshow/convention venue, KINTEX (www.kintex.com) has won a bid to operate the India International Convention and Exhibition Center (IICC) in New Delhi for 20 years, paving the way for Korean CC operators into overseas markets.
The company said on 23 July that its consortium with E-Sang networks – one of Korea's leading exhibition organisers – was picked as a final winner in a bid for operation of the IICC by the Indian government. The news comes three months after the company formed the consortium with E-Sang Networks to bid for the project.
KINTEX consortium competed with global exhibition companies from France and Hong Kong and become awarded with the bid last month.
“KINTEX is now operating 3 venues in 2 cities in Korea and now building another huge venue as the 3rd phase of KINTEX venue. And now we're about to operate IICC which will be the biggest venue of India which our success know-how and global networks. Our IICC operating company is KINEXIN Convention Management Pvt. Ltd which is being led by KINTEX which is the major shareholder. And our consortium partner is E-Sang Networks that's one of the biggest exhibition and e-commerce companies in Korea listed in KOSTAQ,” says Phil Chung, MD, KINEXIN Convention Management Pvt. Ltd., senior director of Business Development, Marketing, KINTEX.
Kinexin Convention Management will be in charge of running the center for 20 years starting 2020. Expanding the IICC to 300,000sqm falls under the first phase of construction that is aimed at building a 60,000sqm exhibition hall and conference room of the same size by the end of next year. The second stage will see completion of the construction of the remaining area (180,000sqm).
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. Economic Times India reported in 2017 that “India is likely to clock the fastest growth in this segment in the next five years…”
The IICC could serve as a gateway for Korean companies who seek to enter India and the broader Southwest Asia by holding events at the venue, located just 10 km away from the Indira Gandhi International Airport in Delhi. Subway lines, railways and highways will be added at the surrounding area by 2020, increasing accessibility.
“India will become the fifth Asian country to have an international convention center bigger than 100,000sqm following China, Thailand, Singapore and South Korea,” said Phil Chung, who added: “The IICC will become the fourth largest exhibition center in Asia.”
For more information on KINTEX, click here.
