India's commercial capital Mumbai was on Monday chosen as the venue for the 2011 cricket World Cup final while Lahore [Images] and Colombo will stage the semifinals of the cricketing extravaganza.

Premadasa Stadium in Colombo, Sri Lanka [Images], and the Gaddafi Stadium in Lahore, Pakistan, would host the two semifinals, while Bangladesh's Sher-E Bangla National Stadium will host the opening ceremony and the first match, it was announced in Mumbai after a meeting of the representatives of the joint hosts of the tournament.

Pakistan Cricket Board Chairman Dr Nasim Ashraf, CEO of Sri Lanka Cricket Duleep Mendis, and CEO of Bangladesh Cricket Board Mehboob Rehman attended the meeting, held at the residence of the Indian Cricket Board President Sharad Pawar [Images].

"It was a collective decision. Most of the decisions were taken unanimously," Pawar told reporters after the meeting.

"We have hosted the World Cup before and we are happy that Bangladesh is also there this time. There would be practically no challenge in organising it and it will happen smoothly," Pawar said.

Ashraf exuded confidence that together they would make it the best cricket World Cup ever.

"All the member countries are acting like a family and every decision was taken amicably and unanimously. The world will see the best World Cup ever," said the PCB chief.

"It was a long and strenuous process (bids) and ICC [Images] has acted in a very diligent and transparent manner in giving the rights. The whole package of the bid is $ 1.5 billion. Six percent of the amount will go for the development of cricket in other countries, so it will be good for cricket," he said.

Mehboob, CEO of the Bangladesh cricket board, said they will make a memorable opening ceremony.

"We are absolutely delighted to get the inaugural ceremony. We know that everybody is behind us and we will make it a memorable function," Mehboob said.

A central organising committee named as India Pakistan Sri Lanka Bangladesh committee was also set-up at the meeting.

BCCI President Sharad Pawar would be the Chairman of the committee while the convener would be from Pakistan. The treasurer will be from Sri Lanka.

The committee will also have three representatives from each of the four nations and the first meeting of IPSB committee will be held in Pakistan on May 19 and 20, 2007.