The Cabinet Committee on Economic Affairs (CCEA) has approved the formation of a joint venture company with equity contribution of 50 per cent each from the Delhi Mumbai Industrial Corridor (DMIC) Trust and the government of Uttar Pradesh represented by the Greater Noida Industrial Development Authority (GNIDA).
The joint venture company will undertake development of trunk infrastructure of the integrated industrial township at Greater Noida, in the Dadri-Noida-Ghaziabad Investment Region of the Delhi Mumbai Industrial Corridor.
The development of the infrastructural industrial township is expected to attract private sector investments of over Rs33,000 crore over a period of 30 years, generate significant employment (direct or indirect) and lead to multiplier effect in each of the target industry sectors, including backward and forward linkages with other sectors of the economy.
The project will drive manufacturing and catalyse the growth of industrial development in the DMIC region by attracting skilled human resources at the integrated industrial township at Greater Noida.
The project cost of Rs1714.70 crore is proposed to be met by equity contribution of Rs617.20 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. The capital expenditure of Rs480.30 crore will be met from internal accruals.
The project is proposed to be implemented in two stages. In the first stage, the joint venture formed by DMIC Trust and the government of UP will ensure the creation of trunk infrastructure for the overall infrastructural industrial township development.
This will attract private sector investments and enhance the marketability of the project. In the second stage, private players will be invited for the phased development of the township.
The joint venture will evaluate the results of PPP developments and consider the development of the subsequent phases through PPP or land monetisation as may be appropriate.
The Delhi Mumbai Industrial Corridor (DMIC) Project is being developed as a global manufacturing and investment destination by utilising a high capacity 1483-km long western dedicated freight corridor as the backbone.
The Dadri Noida Gaziabad Investment Region (DNGIR) located in Uttar Pradesh is one of the eight investment regions/industrial areas identified for development in the first phase of the DMIC project.
Delhi Mumbai Industrial Development Corporation (DMICDC), in consultation with the government of UP, has identified the development of the infrastructural industrial township to drive manufacturing activities and promote sustainable development.
The site for the township at Greater Noida is a part of the delineated DNGIR planned within the notified Greater Noida Master Plan -2021 and covers a total area of 302.5 hectares (747.5 acres).