E-Paper
Defence Corridor: UPEIDA signs MOU with three banks, SIDBI
The State Bank of India, Bank of Baroda and Punjab National Bank are three banks along with the SIDBI that would provide financial assistance to investors in six nodes of the Defence Corridor.
The Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) on Tuesday signed an MOU with three leading nationalised banks and Small Industries Development Bank of India (SIDBI) for providing financial assistance to investors willing to set up units in the Defence Industrial Corridor.
The State Bank of India, Bank of Baroda and Punjab National Bank are three banks along with the SIDBI that would provide financial assistance to investors in six nodes of the Defence Corridor.
In addition to this, UPEIDA also signed an MOU with the IIT Kanpur Research and Technology Park Foundation for research and development in the field of aerospace and defence ecosystem.
Awanish Awasthi, CEO, UPEIDA, signed the MOU on behalf of the state government.
Prakash Kumar, chief general manager, SIDBI, signed the MOU on behalf of his organisation. Representatives of all three nationalised banks also were present on the occasion.
UPEIDA CEO said: “This will be another milestone for the Defence Corridor. As private investors get support and assistance from the state, there will be an even greater surge in private participation in the defence sector.”
“This contributes greatly to India’s goal of achieving the defence production target at US$25.00 billion by 2025,” he added.
The Defence Industrial Corridor project is one of the key projects of the Centre that has been allocated to Uttar Pradesh to boost indigenization and private investment in the defence sector.
