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Tuesday, Jan 21, 2020
Home / Cities / Five Chinese firms to invest ₹800 crore in G Noida

Five Chinese firms to invest ₹800 crore in G Noida

cities Updated: Dec 05, 2019 22:16 IST

GREATER NOIDA: The Greater Noida authority Thursday said five Chinese firms are likely to invest ₹800 crore in setting up industrial units in Greater Noida.

A delegation from these firms met with the Greater Noida authority officials and submitted a letter of intent stating that they want to buy industrial land and set up electronic products manufacturing units.

“We had visited Chinese cities of Dongguan, Guangzhou and Shanghai in September to seek investments. We had invited industrialists to invest in Greater Noida, Yamuna Expressway area and other parts of UP. We had explained our industrial schemes to investors. In follow-up to that visit, a Chinese delegation submitted a letter of intent and expressed desire to invest ₹800 crore in five units,” Narendra Bhooshan, chief executive officer, Greater Noida authority, said.

These five firms, which are into the manufacturing of mobile parts, mobile screen, cameras, chips and other products, want to jointly buy 100 acres and set up manufacturing units.

“We have decided to buy 1,500 acres of agricultural land from farmers with an aim to develop the same and allot it to manufacturing units. Our aim is to invite more investors and create jobs in this city and we are getting a good response from firms in Korea, Taiwan and China,” Bhooshan said.

As per a scheme of the UP government, these firms will get an exemption from stamp fee, among other perks, officials said.

The authority said foreign investors are keen to invest in Greater Noida owing to its better infrastructure and in view of the airport proposed in Jewar, along the 165km Yamuna Expressway.

According to the authority in 2017-18, it received an investment of ₹225 crore from 13 industrial units. In 2018-19, when the UP government sought crucial approvals for the airport project, the number of investors increased to 67 from 13 the previous year. These 67 made an investment of ₹7,378.22 crore in various industrial projects in the city.