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An empowered committee that looks after the industrial investment of the Uttar Pradesh Government on Wednesday recommended to provide land subsidy under its new foreign direct investment (FDI) policy to a Japanese company Fuji Silvertech, a leading manufacturing precast concrete products company, to set up manufacturing facilities in Yamuna Expressway Industrial Development Authority area.
The company is a consortium of the FUJI Group, which has not only designed and manufactured the drainage infrastructure of the Narendra Modi Stadium in Ahmedabad, Gujarat but has also been involved in Delhi’s Central Vista Project, where they provided fire-resistant underground ducting and precast solutions.
In its proposal, the company stated that it has planned for more than Rs. 100 crore FDI in UP.
Officials said that the proposal was considered in the meeting headed by Infrastructure & Industrial Development Commissioner Manoj Kumar Singh and the company will be allotted 20 acres of land in Sector-32 of YEIDA, which is along the Yamuna Expressway and near the upcoming Noida International Airport at Jewar.
“Now the company will have to send their proposal to the State Cabinet for final approval. This is the first company to get the benefits under the FDI category of the policy and land at 75% subsidised rates. Another land parcel has been allotted to Sify Infinite Spaces, a Fortune-500 company, under the policy for the development of data centres in Sector-28 of the authority,” said Dr Arun Vir Singh, CEO, YEIDA.
Singh further said that another company, Jackson Limited , has also been allotted land for data centres, but they will not get the benefit under the policy as the company is not part of Fortune-500 list.
“We had received a total of three proposals under the new policy, out of which two have been accepted. The proposal of a company, Three Hands Infrastructure India Private Limited, has been deferred as the authority is not yet satisfied after taking into consideration the FDI parameters. Matter is under consideration,” he said. “The two companies, who have got a land parcel for Data Centre, will invest around Rs. 1,757 crores and 775 persons will be employed,” CEO further said.
Along with land subsidy, the companies will get Rs 2 crore for R&D, Rs 10 crore for payment to workers, area-specific exemptions in stamp duty and registration fees, 100 per cent exemption in electricity duty for a period of five years and Rs 5,000 per month per person as training costs for a maximum of 500 individuals.
UP is in the 11th position in terms of receiving FDI in the country. Out of the total FDI received across the country from October 2019 to December 2022, UP received 0.7% or Rs. 9,435 crore of FDI (out of total FDI Rs. 13.42 lakh crore).
Maharashtra, Karnataka and Gujarat are the top three states that have collectively received more than 69% of FDI during the said period.
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