Hyatt has signed an agreement with Magadh University (MU), Bodhgaya, for lease of land to develop an international convention centre-cum-hotel inside the university premises.
“The agreement for transfer of land was signed with the Hyatt group on May 15. Now, further steps are being taken. The convention centre has to be built in three years from the commencement of construction,” said an MU official.
According to sources, Footsteps of Buddha Pvt. Ltd — a special purpose vehicle (SPV) of Hyatt International — was awarded the contract for development of the proposed international convention centre under public-private partnership (PPP) in late-2011 at an estimated outlay of Rs 243.55 crore.
SPV is usually a subsidiary company with an asset and limited liability structure and legal status that makes its obligations secure even if the parent company goes bankrupt. Earlier, the project was approved at a Magadh University syndicate meeting on May 21, 2007, chaired by then vice- chancellor B.N. Pandey.
The Magadh University senate, too, gave its nod for the convention centre on June 27, 2007. The university, through a letter dated April 17, 2008, approved the land (PS number 359, khata number 1025, plot number 978) for development of the international convention centre.
The state government has approved the project vide its letter number 15/N-1 46/09-1810, dated September 14, 2009. It was later approved by governor-cum-chancellor of Bihar universities and communicated to MU through a letter dated July 26, 2010.
“The proposal for setting up an international convention centre on the university campus has been appreciated by the University Grants Commission (UGC) and incorporated in the 11th Five-Year Plan as well. According to the UGC, any government-funded university can go for PPP mode for infrastructure development.
The convention centre would give exposure to the varsity’s students and teaching community by hosting conventions, seminars, expos at national and international level without any capital investment,” said R.K. Verma, professor of chemistry and former co-ordinator for College Development Council at Magadh University.
The site for the proposed convention centre is spread over 25.2 acres at Magadh University, Bodhgaya. The proposed centre mainly has three components — convention and exhibition centre, accommodation and art and craft village.
