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The Yamuna Expressway Industrial Development Authority (YEIDA) has initiated its third global tender, beckoning investors and production entities to engage in the development, operation, and upkeep of the inaugural phase of the International Film City, nestled within Sector 21. This endeavour adheres to a public-private partnership (PPP) model, a renewed effort after prior attempts to solicit interest for the colossal 1,000-acre project, which had been met with reluctance owing to its formidable financial demands.
This fresh tender concentrates exclusively on the inaugural phase, which covers a sprawling 230 acres, marking a shift from previous attempts to develop the entire 1,000-acre project, which had deterred potential investors due to the substantial investment required. The initiation of the bidding process transpired on September 30, with candidates obliged to submit their applications by November 30. A pre-bid conference has been scheduled for October 26, while the revelation of technical bids is anticipated for December 5.
The first phase of development shall span 230 acres, with 155 acres earmarked for industrial use and the residual 75 acres designated for commercial purposes. The industrial dimension of the initiative encompasses the establishment of film studios, a film institute, post-production facilities, and other cinema-related infrastructure. Conversely, the commercial aspect comprises hospitality ventures, an amusement park, and supplementary endeavours. The estimated project cost is approximately Rs 1,500 crore, and it is anticipated to be completed within eight years, with the industrial component scheduled for completion in three years.
In response to the lack of interest during preceding tender procedures, the governmental authorities have instituted alterations intended to galvanize potential stakeholders. These adjustments include the elongation of the concession period, stretching from the original 60 years to a more enticing 90 years. Furthermore, amendments have been applied to revenue-sharing stipulations, providing prospective concessionaires the option to opt for a 5 percent share of revenue as opposed to the former fixed annual premium of Rs 116 crore.
Formerly, the winning bidder bore the responsibility of executing the entire 1,000-acre project in one singular phase, with an estimated investment of no less than Rs 7,200 crore. This prerequisite has been substantially reduced to an estimated Rs 1,500 crore, specifically applicable to the first phase. In August 2023, Uttar Pradesh Chief Minister Yogi Adityanath issued a directive to YEIDA, instructing them to initiate the project work within the next six months. Subsequently, the third global tender received approval from the UP Cabinet in September 2023.
The remaining 770 acres of the project will be developed in subsequent phases, with the authority preparing a vision document with consultant assistance. The International Film City project, initially announced in September 2020, will be situated near the upcoming Noida International Airport in Jewar, 12 km from the Eastern Peripheral Expressway, and managed by YEIDA. It will now be developed in three phases, with the first phase covering 230 acres. The project has undergone several tender revisions since its inception, with the most recent being the third global tender after previous attempts failed to attract bidders.
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