NOIDA: The Greater Noida Authority will hold a meeting with the DMIC (Delhi-Mumbai Industrial Corridor) trust on Monday to expedite clearances for an Integrated Industrial Township in Greater Noida, being developed as a part of DMIC.
Greater Noida Authority chairman and CEO Rama Raman said the DMIC trust and Authority will form a joint venture to execute the project on behalf of the state government.
"The Cabinet Committee on Economic Affairs has approved the proposal to set up a joint venture with equity contribution of 50% from each partner. The new entity will be responsible for developing trunk infrastructure of the integrated industrial township at Greater Noida in the Dadri-Noida-Ghaziabad investment region of DMIC," Raman said.
Raman said the JV would cover a slew of projects, including the development of Boraki Railway Station as a passenger and commercial cargo hub, a multimodal logistics hub at Dadri, a power project at Greater Noida and a Mass Rapid Transit System (MRTS) between Dadri-Noida-Ghaziabad Investment Region and Delhi.
The project is expected to cost Rs 1714.70 crore, Raman said. "The cost is proposed to be met by equity contribution of Rs 617.20 crore from 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 JV company."
DMIC spans around 1,500 km. Uttar Pradesh is one of the states involved in the project. The township would be fully developed over 30 years, in six phases of five years each. The 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. Raman said DMIC will be a great opportunity for real estate in this belt.