UP government to form a joint venture for Delhi Mumbai Industrial Corridor project
Jan 22, 2014
Source : The Times of India


LUCKNOW: Uttar Pradesh government will enter into an agreement with the centre for developing infrastructure in integrated industrial townships in the state along the Delhi Mumbai Industrial Corridor.

The state, represented by the Greater Noida Industrial Development Authority (GNIDA), will form a joint venture with Delhi Mumbai Industrial Corridor (DMIC) Trust for executing the project.

The Cabinet Committee on Economic Affairs (CCEA) has approved the proposal to set up the joint venture company with equity contribution of 50 percent from each partner. The new entity will be responsible for development of trunk infrastructure of the integrated industrial township at Greater Noida in the Dadri-Noida-Ghaziabad Investment Region of the DMIC.

The infrastructural industrial township is expected to attract private sector investments of over Rs 33,000 crore over a period of 30 years and generate significant employment. It is also intended to lead to multiplier effect in each of the target industry sectors, including backward and forward linkages with other sectors of the economy.

The project would catalyse the growth of industrial development in the DMIC region by attracting skilled human resources at the Integrated Industrial Township at Greater Noida, officials in the industry department said.

The project cost of Rs 1714.70 crore is proposed to be met by equity contribution of Rs 617.20 crore by the DMIC Trust and the state government. The equity from the state government would be in the form of land which would be transferred to the joint venture company.




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