UPEIDA, SIDM ink pact for investment in Defence Industrial Corridor

LUCKNOW The Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) signed an MoU with the Society of Indian Defence Manufacturers (SIDM) on Friday for bringing investment in the Defence Industrial Corridor of the state and for creating an ecosystem for developing defence industrial base in UP

LUCKNOW The Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) signed an MoU with the Society of Indian Defence Manufacturers (SIDM) on Friday for bringing investment in the Defence Industrial Corridor of the state and for creating an ecosystem for developing defence industrial base in UP.

The Aligarh node of the corridor is expected to be inaugurated by the Prime Minister next month. (Pic for representation)

“We are looking forward to bringing in thousand crore worth of investments through the SIDM,” said UPEIDA CEO Awanish Awasthi while speaking on the occasion at the Confederation of Indian Industries’ (CII) office.

“The Aligarh node of the corridor is expected to be inaugurated by the Prime Minister next month. Around 21 investors have availed benefit of competitive rates of ₹1,000 per sq metre (of land) in the Aligarh node,” he said.

Under the MoU, which is for three years initially, a joint UPEIDA-SIDM Defence Industry Forum (Udyog Utkarsh) would be formulated. Other areas of collaboration would include B2G (business to government) meetings facilitation as well as vetting of investments.