EXHICON Enters JV with India Exposition Mart for Mohali Convention & Exhibition Centre
Strategic partnership strengthens both companies’ presence in India’s growing MICE sector
New Delhi: Exhicon Events Media Solutions Limited, a leading exhibitions, events and media infrastructure company listed on the BSE, has entered into a Joint Venture Agreement (JVA) with India Exposition Mart Limited (IEML) for its subsidiary, Exhicon Mohali Convention Centre Private Limited (EMCCPL), which is developing the Mohali Convention & Exhibition Centre under a Public-Private Partnership (PPP) model with the Government of Punjab.
Under the terms of the agreement, Exhicon will transfer 35% of its stake in EMCCPL to IEML for a cash consideration, while retaining a 65% stake in the subsidiary. The JVA was approved by Exhicon’s Corporate Restructuring and Investment Committee and executed on September 21, 2026.
The Mohali Convention & Exhibition Centre is being developed at IT City, Sector 83, Mohali, Punjab, under a PPP model with the Government of Punjab. Phase 1 of the project has a projected cost of 75 crore and is expected to create a modern, large-scale venue for exhibitions and conventions in North India, a region identified as having significant potential for world-class MICE infrastructure.
The partnership is expected to enable Exhicon to bring in a strategic partner to co-fund and de-risk the large-scale infrastructure project while retaining majority ownership and control. IEML’s participation will also bring its established operational and market expertise in the Indian exhibition industry to the Mohali project.
As part of the governance structure, Exhicon will continue to control the board and nominate two of the three directors. The JV structure is also expected to expand Exhicon’s convention-centre portfolio into North India while maintaining its control over the subsidiary.
For IEML, the partnership marks a strategic entry into the Punjab–Chandigarh tricity market, giving the company a direct stake in a PPP convention-centre project and extending its presence beyond its existing venues. IEML will also have board representation and affirmative-vote rights on specified matters, while retaining proportional rights to participate in future capital requirements.
Commenting on the partnership, Padma Mishra, Whole Time Director at EXHICON, said,
“It’s a matter of great happiness for the group to further extend our partnership to Punjab’s growing MICE Industry.”
Mukesh Gupta, Director, IEML, said,
“This partnership represents an important milestone in IEML’s journey towards building a truly pan-India MICE network. Our entry into the Punjab–Chandigarh market provides access to a high-growth region while allowing us to leverage the complementary strengths of both partners to create a sustainable, scalable and value-accretive platform.”
The partnership brings together Exhicon’s experience in exhibitions, events and infrastructure with IEML’s established capabilities in exhibition venue operations, creating a collaborative platform for the development of MICE infrastructure in the Punjab–Chandigarh region.
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