Indian-Ukranian cos’ JV to get Jhansi Rs 38,000 cr investmentUpdated: Feb 04, 2020 21:03 IST
LUCKNOW Jhansi has bagged an investment of Rs 38,000 crore in the form of a joint venture between an Indian and Ukranian company, which will be a part of the upcoming UP Defence Corridor project.
Titan Aviation and Aerospace India Ltd has applied for 6,000 acres of land in Jhansi for setting up of a ‘maintenance repairs, overhaul and manufacturing industry’ in collaboration with an Ukranian company. The company has signed an MoU with the state government for this project.
This venture is expected to fetch Rs 38,000 crore investment in Jhansi, which is expected to be the biggest beneficiary in the UP Defence Corridor project.
Apart from this, Hans Energy Systems Ltd has demanded two acres of land in Kanpur for manufacturing physical security related smart equipment.
Also, Anchor Research Labs has applied for 20 acres of land in Aligarh to set up research and development capabilities in aerospace and defence.
“Jhansi has bagged a project in the Defence Corridor. All other regions will also get huge investments,” said Satish Mahana, UP industries minister.
IN DEFENCE CORRIDOR
Adani Defence and Aerospace Systems Ltd, Bharat Electronics Ltd, Tata Technologies Private Ltd, SMPP Private Ltd, Bharat Dynamics Ltd, Thales Ltd, Narendra Explosives Limited, Dron, VAYU; Hanwha Group, Stummps Schuele and Sommppa Private Ltd, Lohia Aerospace Systems Pvt Ltd, Kay Bouvat Engineers Ltd, Shree Kedar Polymers and Texmaco Defence Systems (P) Ltd
Lohia group, a Kanpur based company, is a recent entrant into the aerospace and defence (A&D) sector. It acquired Israel-based Light and Strong Ltd -- Israel’s largest private producer of aerospace focused carbon fibre composite components -- in February 2019.
The UP government has made its defence and aerospace manufacturing policy lucrative for investors by offering tax rebates for those willing to set up their units in Bundelkhand region. It is also offering sops for those willing to run simultaneous skill development courses.