The project to build indoor and outdoor stadium along with sports facility in the city of Ahmedabad, Gujarat will be completed by the end of 2016. The project is being developed by SE TransStadia Pvt Ltd (SETS), a Setco group company, as Public-Private-Partnership project on a Design, Built, Finance, Own, Operate and Transfer (DBFOOT) basis. The estimated cost of the project is Rs. 458 crore to be funded in a debt-equity mix of 2:1 and the financial closure has already been achieved. The Gujarat Government has handed over the required land of approximately 9.24 acres to SETS.
The project includes development of sports infrastructure (a field, stadium with minimum 20,000 seats, arena, concourse, media facilities, players changing rooms, hospitality and V.I.P boxes, management offices, sports training and sports club facilities and adequate parking area) and other facilities include retail and commercial spaces etc. SETS has appointed MS Khurana Engineering Ltd. (MSK) as the EPC Contractor for carrying out the civil construction for a consideration of Rs. 180 crore. SETS has entered into an exclusive technology arrangement StadiArena India Limited of United Kingdom to build stadia with state-of-the-art, patented technology across various locations in India. As per the aforesaid agreement, SETS has exclusive rights in India to use revolutionary technology for designing and implementing unique multi-purpose stadia.
The agreement with the government also requires SETS to develop sports infrastructure in Gujarat through a ‘Hub and Spoke Model’ by carrying out professional talent scouting,providing training facilities, organizing competitions and tournaments. After two years from commercial operations date, SETS is required to utilize the higher of Rs. 2 crore or 2% of its annual gross revenues per annum from the project towards sports management and development in the state of Gujarat.