NOIDA: Yamuna Expressway Industrial Development Authority (YEIDA) has decided to set aside two sectors for 'Japanese' and 'Korean' industrial cities, where companies from these two countries will set up electronic manufacturing units, reported.
While 'Japanese City' will come up in Sector 5A off the Yamuna eway, where 395 hectares are being acquired, 'Korean City' will be set up on 365 hectares in Sector 4A. The accessibility to the Noida International Airport in Jewar - barely 10km away - is expected to give these two projects a boost in terms of connectivity. Arun Vir Singh, authority CEO, said the two electronic hubs would have firms manufacturing chips, semiconductors, AI equipment and cameras.
Exemptions in land costs, stamp duties pave way for ‘Japanese’ & ‘Korean’ citiesThe cities will also have residential units for the company staff from these foreign countries — Japan and Korea. “They are being planned to be self-sufficient, with provisions for housing, schools, hospitals and other essential amenities for the Japanese and Korean citizens staying there,” he added.
The decision to establish the two cities was taken during meetings with investors from Japan and Korea ahead of the UP Global Investors Summit last year. Several delegations had flown down to hold discussions on the projects over the next few months.
Officials said representatives of some Japanese companies had visited the industrial sectors off the eway last year. After examining the location and conducting soil testing, the companies expressed interest in investing in the region.
Officials said the state govt’s FDI policy, which includes exemptions in land costs and stamp duties as well as other concessions, in October last year had further paved the way for the establishment of new industrial townships.
Shailendra Bhatia, an OSD at authority, said the sectors would have mixed land use, with 70% set aside for core industry and 13% for commercial use. Additionally, 10% of the total land chunks will be allocated to meet residential needs, and 5% for institutional purposes such as hospitals, schools and colleges. The remaining 2% will be utilised for developing other facilities.
“A thriving ecosystem with all modern facilities, which are required for a bustling economy, will come up here,” Bhatia added.
The two cities are expected to be developed for Rs 2,544 crore. The authority has now written to the state govt, requesting for an interest-free loan amounting to 50% of the project cost. The state govt has already provided around Rs 3,300 crore in loans to the Authority in two tranches so far.
The authority plans to contribute its share from profits earned over the next few years, revenue generated from plot schemes and loans from banks to complete the land acquisition process.
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