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In a significant move to bolster industrial growth, the Uttar Pradesh (UP) government has sanctioned a substantial interest-free loan of Rs 1,779 crore to the Yamuna Expressway Industrial Development Authority (YEIDA). This financial aid is aimed at procuring over 1220 hectares of land to establish a logistics park in Tappal-Bajna Urban Centre, an electronic manufacturing cluster in Sector 10, and four additional industrial parks strategically located near the Noida International Airport and along the expressway. This interest-free loan is to be repaid over a 25-year period, signifying a joint endeavour between the state and the Authority in driving industrial development in the region. YEIDA will chip in the same amount through various channels including financial institutions and internal resources. These together will contribute to support the land acquisition process. YEIDA has devised a strategic plan to finance its share. This includes utilizing profits accumulated over the next two years, revenue from different plot schemes, and loans from major financial institutions. In particular, YEIDA is finalizing a loan arrangement of Rs 1,500 crore from reputed banks including State Bank of India, Bank of Maharashtra, and Punjab National Bank. The allocated funds will be strategically distributed across various sectors. A significant portion, Rs 968 crore, is earmarked for acquiring 312 hectares in Sector 10 for an electronic manufacturing hub. Sector 7 will receive Rs 877 crore for developing a 283-hectare warehouse and logistics park. Additionally, 193 hectares in Sector 28 are set aside for a medical devices park, with a budget of around Rs 600 crore for land acquisition. Further investments include Rs 802 crore for procuring 259 hectares in Sectors 29 and 32, designated for handicraft, MSME, and apparel parks. The plan also encompasses acquiring 172.5 hectares for the Logistics Park in Tappal Bajna Urban Centre, with an estimated cost of Rs 310 crore. A key aspect of this funding is the provision for land compensation, which includes an additional 64.7% pay out to the farmers from whom the land will be acquired, ensuring fair and equitable treatment. YEIDA is concurrently managing several major projects, such as Film City, Pod taxi, and rapid rail, all requiring substantial financial resources. This grant from the state government, under the CM Industrial Area Expansion and Incentive Scheme, not only supports these existing projects but also paves the way for new industrial ventures, marking a significant stride in UP’s economic development. In conclusion, this financial endorsement by the UP government is a game-changer for the state's industrial landscape. It not only facilitates substantial land acquisition for key projects but also reflects a collaborative approach towards economic growth and development, promising a transformative impact on the region's industrial and infrastructural capabilities.
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