The Cabinet on Thursday cleared the proposal for infusion of Rs 18,500 crore in the Delhi Mumbai Industrial Corridor Development Corporation (DMICDC).
The fund infusion is for creating seven new cities in six states including Gujarat, Haryana, Uttar Pradesh and Madhya Pradesh.
At present, the government holds 49% in the DMIC project, while 51% is jointly held by Infrastructure Leasing and Financial Services (IL&FS) and Infrastructure Development Finance Company (IDFC).
The investment regions include Dadri-Noida-Ghaziabad in Uttar Pradesh; Manesar-Bawal in Haryana, Khushkhera-Bhiwadi-Neemra in Rajasthan, Pitampura-Dhar-Mhow in Madhya Pradesh, Ahmedabad-Dholera in Gujarat, Igatpuri-Nashik-Sinnar and Dighi Port Industrial Area in Maharashtra.
Each city would be a greenfield or a brownfield area with a combination of production units, public utilities, logistics, environmental protection facilties, residential areas, social infrastructure and administrative services.
A corporate entity, DMICDC has been set up to undertake planning of the project, development of its various components, coordinating with stakeholders, monitoring of implementation and raising finances.