Rajesh Adani signs Rs 5,000 crore MoU with YEIDA

Business/Economy

Rajesh Adani

The Adani Group has proposed to invest Rs 5,000 crore in the education sector. The group has recently signed an MoU at Uttar Pradesh Investors’ Summit 2018, aiming to set a top-notch university, across 300-acre land in Yamuna Expressway Industrial Development Authority (YEIDA).

Led by Rajesh Adani, the conglomerate is also planning to build an avant-garde multi-model logistics park, covering 1,500 acres. The park will be in close proximity to the proposed airport at Jewar.

“While the university is likely to commence operations from 2021, the logistics park will become functional by 2019. Both the big-ticket projects are likely to generate a direct employment for 5,000 individuals and create indirect jobs for more than 20,000 others,” said Arun Vir Singh, CEO of YEIDA.

The projected multi-model logistics park will feature an Inland Container Depot (ICD), and a Private Freight Terminal (PFT). “This will include a warehouse and cold storage facilities, along with container racks and air strips. We are on track for building a land bank required by the group,” the CEO added.

Building an innovation-based leadership in transforming the state, Rajesh Adani plighted an investment of Rs 35,000 crore in Uttar Pradesh during the Summit.

“The YEIDA area is strategically located with its connectivity, and a number of upcoming projects, including the proposed airport at Jewar, east/west freight corridor, railway station, etc,” said the spokesperson of Adani Group.

Validating the investment, the spokesperson said, “We have planned a meeting in the coming days to take the proposal further with the UP government, and commence the procedure for land allotment.”

“We will begin and finish the projects in a time-bound manner as soon as the land gets allotted. The investment for the two projects will be Rs 2,500 crore, apart from the land cost,” he added.

YEIDA officials also stated they have been told to speed up the procedure of land allotment to the Adani Group. “We have been directed to take 10 per cent of the total land cost as application money, and a comprehensive project report from the investing firm, within a week,” Singh said. “Due diligence will be applied, besides analyzing financials of investors prior to land allotment. We will accelerate applications for investors to start their project in our area,” he promised.

The YEIDA authorities had signed MoUs with over 28 investors worth Rs 10,074 crore, during the Summit. “All applications are being assessed by a committee set up for the purpose,” Singh added.

 

Last modified: March 8, 2018

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