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Now foreign investment is not limited to just a few states. Even though Maharashtra, Karnataka and Gujarat dominate foreign investment, now other states have also started taking it seriously. In this list, the name of Uttar Pradesh is being taken prominently. The confidence of foreign investors is also continuously increasing in this state. In such a situation, a big Japanese group has planned to invest more than Rs 100 crore in UP.
The committee that looks after industrial investment in the UP government has recommended giving land subsidy to a Japanese company for setting up a manufacturing unit under the new FDI policy. The name of this Japanese company is Fuji Silvertech. This company is one of the leading companies in Japan manufacturing precast concrete products. This unit is to be installed in Yamuna Expressway Industrial Development Authority area.
Company will invest Rs 100 crore
Fuji Silvertech Company is a consortium of Fuji Group, which has designed and constructed the drainage infrastructure of Narendra Modi Stadium in Ahmedabad. On the other hand, she has also been involved in the Central Vista Project of Delhi. The company has done fire resistant underground ducting and precast work in the Central Vista project. The company said in its proposal that it has planned more than Rs 100 crore in UP.
Officials said that this proposal was considered in the meeting chaired by Infrastructure and Industrial Development Commissioner Manoj Kumar Singh and the company will be allotted 20 acres of land in Sector-32 of Yamuna Expressway Industrial Development Authority, which is located along the Yamuna Expressway and Jewar is near the upcoming Noida International Airport.
The proposal will go to the state cabinet
Dr. Arun Veer Singh, CEO of Yamuna Expressway Industrial Development Authority, said that now the company will have to send its proposal to the State Cabinet for final approval. It is the first company to get benefits under the FDI category of the policy and to get land at 75 percent concessional rates. Sify Infinite Space, included in the Fortune 500 list, has also been given land to build data centers in Sector-28 of the authority. Singh further said that Jackson Limited Company has been allotted land for the data center, but they will not get the benefits under the policy because the company is not a part of the Fortune-500 list.
These companies will also get exemption
YEIDA CEO further said that under the new policy we had received a total of three proposals, out of which two have been accepted. The proposal of Three Hands Infrastructure India Private Limited has been postponed because the company did not meet the authority’s FDI criteria. The matter is under consideration. Both the companies, which have been given land for the data center, will invest Rs 1,757 crore and 775 people will get jobs.
Along with land subsidy, companies will get Rs 2 crore for R&D, Rs 10 crore for payments to workers, area specific exemption in stamp duty and registration fees, 100 per cent exemption in electricity charges for five years and a maximum of 500 people. Each person will get Rs 5000 every month as training cost.
UP ranks 11th in terms of receiving FDI in the country. From October 2019 to December 2022, there was FDI worth Rs 13.42 lakh crore across the country. In which UP’s share has been seen at 0.7 percent i.e. Rs 9,435 crore. Maharashtra, Karnataka and Gujarat are the top three states which have collectively received more than 69 percent FDI during this period.