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In the works: Japanese industrial city on 500 acres near Jewar airport | Lucknow News
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With industries ranging from semiconductors, chips, cameras and other electronic goods spread across 500 acres, a plan to develop a Japanese Industrial City is in the works near the upcoming Jewar airport.
The Yamuna Expressway Industrial Development Authority (YEIDA) revived the plan a day after the Uttar Pradesh Cabinet approved the new foreign direct investment (FDI) policy to provide incentives to overseas investors, including exemptions in land acquisition, stamp duty, and capital investment. Officials said the new policy has opened the doors for implementation of the ambitious plan which was in limbo for many months. “Recently, 11 Japanese firms visited the industrial area of the authority. The scheme for this project will be launched this month. The Japanese city will be developed in Sector 10. Along with this, a few parcels of land will be allotted to companies in Sector 32 for their work,” said an official.
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The scheme for big industrial plots may be issued after November 15. Officials said land allotted under the scheme can be used for residential, commercial and institutional purposes. The Japanese firms that recently visited also got the soil tested.
The new FDI policy will allow area-specific exemptions in stamp duty and registration fees in line with the Uttar Pradesh Industrial Investment and Employment Promotion Policy 2022. Apart from existing incentives, a 100% exemption will also be given in electricity duty for a five-year period. Officials also said these companies will bring 100% FDI.
To avail of benefits, the companies will have to invest at least Rs 100 crore. Along with land subsidy, the company will get Rs 2 crore for R&D, Rs 10 crore for workers, and Rs 5,000 per month per person for training costs of a maximum of 500 individuals.
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