Friday, January 24, 2014: The cabinet committee on economic affairs under the Government of India today approved setting up of three crucial projects in a move which would boost manufacturing sector in the country. The projects worth Rs 25586 million under the Delhi-Mumbai Industrial Corridor include: the formation of a SPV for implementation and operation of model solar power project at Neemrana as a 100 per cent subsidiary of Delhi Mumbai Industrial Corridor Development Corporation and approval for development of trunk infrastructure for integrated industrial township at Greater Noida and the development of trunk infrastructure for the township in Ujjain.
The CCE has also approved the special loan facility to be provided by Japan International Cooperation Agency (JICA) for development of the DMIC project. “The CCEA has approved the utilisation of Japanese assistance under the JICA through Special Terms for Economic Partnership (STEP) of Japanese official development assistance loans for the DMIC project and the operational rules, terms and conditions of this tied loan facility,” an official statement said. Japan has committed to invest $4.5 billion in the project aimed at creating mega industrial infrastructure along the Delhi-Mumbai Rail Freight Corridor, which is under implementation.
“The proposal for availing $4.5 billion facility through a STEP loan is expected to bring in Japanese funding, cutting edge technology and know how into projects implemented in DMIC. This would also enable the Japanese companies to establish their manufacturing facilities in India and enable transfer of technology from Japan to India,” the statement further read.
Further, the development of trunk infrastructure for the township in Ujjain and Greater Noida will require estimated investment of Rs 8,086 million for stage 1 of the project and Rs 17,147 million, respectively.