Soon, Township Off Yamuna E-way To Woo Japanese Cos, Real Estate News, ET RealEstate

November 3, 2023

NOIDA: The Yamuna Authority will launch a scheme later this month to establish an industrial township for Japanese nationals on 500 acres in sectors 10 and 32 off the Yamuna Expressway. Officials said Japanese companies have already shown an interest to invest in the electronics, chips, semiconductors, and AI sectors.

The state cabinet recently approved the new FDI policy, including exemptions in land costs and stamp duties, as well as other concessions, which, officials hope, will attract more companies to establish factories. Officials said the proposed township would also house Japanese nationals and provide school, hospital and other facilities to them, working as a self-sufficient unit.

The representatives of several Japanese companies, on a recent visit, assessed the location and conducted soil tests. YEIDA CEO Arun Vir Singh said, “We have held a series of meetings with these companies in the past and signed MoUs with them during the UP Global Investors Summit earlier this year. Many of them manufacture products that are well-known household names in our country. The recent approval of the FDI policy has made it easier to establish the township for them.”

“Currently, the state accounts for only 0.2% of the total FDI in the country. The move will likely increase that. The Yamuna Authority has started work on developing the township to attract FDI,” he added.

Singh added that multiple land uses, industrial, residential, commercial, and institutional, will be allowed in the township to allow the construction of houses, hotels, malls, offices, and more. YEIDA will decide the division of land percentages for these various uses before launching the scheme.

“The goal is to provide all necessary facilities within the city, ensuring that Japanese citizens feel at home while preserving their culture,” said a senior official.

To qualify for FDI benefits, a company has to invest at least Rs 100 crore. Apart from capital investment subsidies, such a company will be exempt from paying state GST for 10 years. The government will also provide Rs 10 crore for worker accommodations, distributed in seven equal installments. There will be a 100% exemption in electricity duty for five years, and the company will receive relief on electricity bills.

While finalising this FDI policy, the government prioritised employment and skill training. The government will provide Rs 5,000 per person per month to train 500 individuals for five years, contributing to readying a skilled workforce.

The Authority also plans to launch another scheme for large industrial plots in Sector 32 where companies, including Japanese ones, can set up electronics units after November 15.

  • Published On Nov 3, 2023 at 09:16 AM IST

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