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Time of India
3 days ago
- Business
- Time of India
3 tech majors to set up units on 120 acres, invest 4k cr off eway
Noida: Yamuna Expressway Industrial Development Authority (YEIDA) has issued letters of intent to three companies for setting up manufacturing units near the upcoming Noida International Airport, marking a combined investment of around Rs 4,000 crore. Tired of too many ads? go ad free now Two of these companies will be allotted land in the upcoming Electronics Manufacturing Cluster (EMC) 2.0 in Sector 10, which spans 206 acres. Ascent-K Circuit will receive 16 acres to manufacture high-end printed circuit boards (PCBs), including HDI, flex, multilayer types, and semiconductor substrates, while Aurionpro ToshiAutomatic Systems, which specialises in industrial automation and smart transit and mobility solutions, will be allotted five acres as a member of a Special Purpose Vehicle (SPV) under the central govt's EMC 2.0 scheme. Both units will be a part of the cluster approved by the ministry of electronics and information technology (MeitY), with Havells India Ltd, the anchor investor, already securing an allotment of 50 acres. The EMC 2.0 project received in-principle approval from MeitY in April this year. Amber Enterprises India Ltd, of which Ascent is a part, will be allotted another 100 acres in Sector 8 to manufacture copper-clad laminates, PCB assemblies, consumer electronics, and home appliances. Amber and Ascent together are expected to invest around Rs 4,000 crore across the two projects. Ascent is also expected to form a joint venture with some Korean firms for the PCB manufacturing venture. YEIDA CEO Arun Vir Singh confirmed that the land allotments are subject to approval by the Invest UP empowered committee and state policy guidelines. "Land acquisition is underway in Sector 8 and the LoI for the 100-acre plot, along with others, is provisional, pending regulatory clearances," he added. Tired of too many ads? go ad free now These companies are the latest in a growing list of firms investing in the YEIDA region near the Noida International Airport. At least eight companies have announced plans to invest nearly Rs 12,000 crore in the region, driven by the dedicated industrial parks and state's FDI and Fortune 500 investment policies. Among those that have already secured land allotments is Fuji Silvertech Concrete Pvt Ltd, an Indo-Japanese joint venture, which is setting up a precast concrete product manufacturing unit on 20 acres in Sector 32. It was the first company to be allotted land under Uttar Pradesh's new FDI policy announced in November 2023. TI Medical Private Limited, a joint venture between the Fortune India 500-listed Tube Investments of India (TII) of the Murugappa Group and Premji Invest, has secured an 11-acre plot in the Medical Device Park in Sector 28. Minda Corporation Limited, in partnership with Korea's Daesung and India's Loconav, has been allotted 22 acres in Sector 24 to produce ignition switches and steering locks for automobiles. Additionally, Minda has proposed a separate project in Sector 10 to manufacture wire harnesses and other automotive components on 10 acres, which has been approved by the state's empowered committee. Vama Sundari Investments Pvt Ltd, part of the HCL Group, is collaborating with Taiwanese electronics major Foxconn to establish a semiconductor manufacturing facility on 48 acres in Sector 28. Escorts, in a joint venture with Japan's Kubota Corporation, plans to build a large tractor manufacturing plant on 200 acres in Sector 10. Another major investment comes from Pine Valley Ventures Pvt Ltd, which aims to set up a readymade garments and accessories unit on a 20-acre plot in Sector 10. Poly Medicure Ltd has also applied for 7 acres in Sector 28's Medical Device Park to set up a medical equipment manufacturing unit.
Time of India
25-05-2025
- Business
- Time of India
Retired cops & Armymen to guard reclaimed land near Noida airport
Noida: Illegal occupation and construction activities are rampant around upcoming Noida International Airport, where land demand is at its peak. Against this backdrop, retired DSP-rank officers and teams of Army personnel (retired) are being roped in to protect land owned by Yamuna Expressway Industrial Development Authority (YEIDA) from illegal colonisers and land mafias. YEIDA's jurisdiction spans six districts — Gautam Budh Nagar, Bulandshahr, Hathras, Aligarh, Mathura and Agra. With the rapid development of major infrastructure projects such as the airport and the upcoming Film City, Logistic Park and Heritage City, land prices have surged dramatically, making these regions a prime target for land grabbing and unauthorised real estate activity. In response to the growing threat, YEIDA has introduced a comprehensive strategy to curb such activities before they escalate further. The deputy superintendent of police-rank officers and Army personnel (retd) will be deployed to patrol and safeguard high-value and sensitive areas near the airport. Three key locations — Jewar, Vrindavan and Tappal — have been identified for the patrol in the new security setup. Anti-encroachment drives will now be conducted regularly every Tuesday as well. Over the past three years, the Authority carried out about 25 major anti-encroachment operations, reclaiming land valued at nearly Rs 2,500 crore from illegal possession. YEIDA CEO Arun Vir Singh said, "Each of these three areas will get a team of 10 ex-servicemen. A retired DSP-level officer will lead each team. The teams will patrol using govt vehicles. They will be posted at specific locations and will guard the area to prevent any illegal activity." The initiative comes in the wake of a major crackdown last Thursday, during which YEIDA, in coordination with Aligarh's district administration and police, freed over 27 hectares of encroached land in three villages of Aligarh: Tappal, Sirsedhi and Helupur. The market value of the reclaimed land is estimated to be over Rs 407 crore. Officials said FIRs have been filed against 57 persons in Aligarh for their involvement in illegal constructions alone.
Time of India
24-05-2025
- Business
- Time of India
Factory workers' complex along e-way to boost MSMEs, startups in Noida
Noida: Eleven flatted factory complexes, each tailored for the proposed industrial parks—medical device, semiconductor, IT, apparel and toy—are set to come up off the Yamuna expressway. The multi-storey industrial buildings will offer around 3,000 affordable and ready-to-use industrial spaces, primarily to (Ministry of Micro, Small and Medium Enterprises) MSMEs and startups, which often lack the capital to establish large-scale standalone factories due to high land allotment costs spurred by Noida International Airport and International Film City, officials said. Flatted factory complex is a multi-storeyed industrial building subdivided into small, separately occupied units, which are used for manufacturing, assembly, and storage purposes. These complexes have separate elevators for goods. The first flatted factory is to come up in Sector 28 where 74 large plots have been allotted for the 350-acre medical device park. The five-acre flatted factory, to be built at an estimated Rs 125 crore, will have 240 units with a mix of 50 units of 120 sqm, 60 of 90 sqm and 126 of 60 sqm. The second complex is to come up in Sector 10 to support the 206-acre electronics manufacturing cluster (EMC) with 228 units along with facilities like a convention centre, a 45-bed hostel, a daycare facility and a 500-seat skill development centre. Two large plots measuring 20,234 sqm and 44,515 sqm have been earmarked for additional flatted factories. CEO Arun Vir Singh said the Authority will lease, not sell, these units to make it easier for emerging businesses to set up operations without the burden of land ownership. Seventy-five per cent of these units will be reserved for MSMEs and 25% for startups. Similar flatted factory projects are also being planned in other parks such as apparel, handicrafts, IT park, data park, semiconductor, EV, and aviation sectors to further support small and emerging enterprises. YEIDA has also initiated a process to appoint a consultant for designing and managing the infrastructure development of Sector 10, where a tech hub is planned, at an estimated cost of over Rs 450 crore. Get the latest lifestyle updates on Times of India, along with Brother's Day wishes , messages and quotes !
Hindustan Times
23-05-2025
- Business
- Hindustan Times
Subvention Scheme: Greater Noida, Yeida give details to CBI for probe
The Noida, Greater Noida, and Yamuna Expressway authorities have begun preparing and handing over documents to the Central Bureau of Investigation (CBI) in connection with a Supreme Court-ordered probe into alleged collusion between real estate developers and banks in so-called subvention schemes. The apex court, on April 29, directed the CBI to undertake a probe to unearth a possible nexus between builders and banks in sanctioning huge amounts under the scheme without following any due diligence. Following the apex court's directive, the authorities have identified 24 housing projects—11 in Greater Noida, nine in Noida, and four in Yamuna City—that are under scrutiny. These schemes were initially promoted by builders, promising to pay EMIs on home loans until possession was handed over. But many builders defaulted, and the projects were either stalled or abandoned, leaving buyers saddled with debt and no homes. The court's intervention came after receiving over 170 petitions from more than 1,200 homebuyers across the country. Subvention schemes involve a tripartite agreement between the buyer, banker, and developer. Under these, buyers typically pay between 5% and 20% up-front, while the bank loans the rest to the developer in instalments. The developer pays the interest on a loan for a certain fixed period, usually two to four years, until the buyer takes possession. The buyer starts paying back the loan in equated monthly instalments after this. Yeida CEO Arun Vir Singh confirmed that documents for the four Yamuna City projects—including Supertech's Upcountry and Oasis Realtech's Grandstand—have been submitted. 'We've handed over all related files to the CBI as per the Supreme Court order,' Singh said. Shailendra Bhatia, officer on special duty, has been named Yeida's nodal officer for the investigation. In Greater Noida, the authority's additional CEO Saumya Srivastava said they have submitted records for 11 projects, including Supertech's Ecovillage 2 and 3, AVJ Heights, Earthcon, and Future World. 'We will continue to support the CBI in the probe,' he said. The Noida authority, meanwhile, is yet to provide its documentation. CEO Lokesh M said they have received a request from the CBI and appointed a nodal officer, but will submit files once formally asked. Projects under the scanner in Noida include Supertech Capetown, Blossom Zest, Mahagun Mezzaria, and Jaypee Green Orchard. The CBI has asked the authorities for comprehensive records—land allotments, lease deeds, approved building plans, payment histories, and official correspondence with developers. The court-mandated probe follows allegations that banks sanctioned full loans without due diligence, violating Reserve Bank of India and National Housing Bank norms. Buyers say banks are now pursuing them for recovery despite incomplete construction. 'The sad part is that the banks are taking action against innocent buyers. The builders misused the funds, and the buyers are suffering,' said Arun Kumar, a buyer from Supertech Capetown. The Supreme Court has also approved seven preliminary enquiries—one specific to Supertech, five regional (covering Noida, Greater Noida, Yamuna City, Gurugram, and Ghaziabad), and one for other metro cities. The court has ordered the appointment of nodal officers from the RBI, state RERAs, and housing ministries, and deputation of police officers from UP and Haryana. Three chartered accountants will assist with forensic audits.
Time of India
22-05-2025
- Business
- Time of India
No SC relief, but its nod must to bring in new developers for Jaiprakash Associates projects
NOIDA : The Supreme Court on Monday refused to grant interim relief to Jaiprakash Associates Limited (JAL) in connection with the cancellation of 1,000 hectares allotted to it, but restrained Yamuna Expressway Industrial Development Authority ( YEIDA ) from appointing new developers without its permission. The ruling would impact over 4,500 homebuyers who have invested in 12 group housing projects stalled for years. YEIDA now has initiated the process of appointing a consultant for evaluating the 1,000-hectare special development zone (SDZ) land that was allotted to JAL. This assessment, officials said, aimed at creating a comprehensive revival roadmap for the stalled projects. YEIDA CEO Arun Vir Singh said the selected consultant would conduct a time-bound evaluation of the land and associated projects, examine the status of infrastructure, legal complications, and the progress of construction. The scope of work also includes verification of land ownership documents, assessment of regulatory compliance, and identification of vacant parcels. According to officials, the consultant will analyse construction gaps against sanctioned plans in Sector 25 off the Yamuna Expressway, and suggest regularisation measures wherever needed. It will also assess market values of unsold inventory and prepare feasibility reports with cash flow projections. The consultant must submit its proposal on May 28. While technical bids will open on May 30, presentations are scheduled for June 3. The SC ruling comes after JAL challenged an Allahabad High Court order of March 10 that supported YEIDA's Feb 2020 decision to cancel land allotment over unpaid dues. JAL, which is undergoing corporate insolvency proceedings since June 2024, argued before the apex court that delays by YEIDA had hampered the progress of the projects, even though the company had built major facilities such as the Buddh International Circuit. The company's counsel and interim resolution professional told the apex court the Authority was already trying to bring in new developers despite the ongoing insolvency proceedings. They insisted that the HC order led to the cancellation of only six allotment letters, leaving earlier lease deeds intact. The developer's lawyers warned that displacing JAL could compromise lenders and homebuyers with significant stakes in these projects. The National Asset Reconstruction Company Ltd (NARCL) — representing the financial institutions — said it had extended loans of about Rs 50,000 crore to JAL, backed by mortgages approved by YEIDA. It claimed these arrangements gave the Authority a first charge on receivables, seeking continuation of a 2020 high court status quo order. NARCL argued that cancellation was unwarranted because Section 14(1)(d) of the Insolvency and Bankruptcy Code forbids asset transfers during moratorium. YEIDA, in its part, defended the cancellation, saying JAL had developed less than 5% of the land in over a decade and defaulted on financial commitments, leaving thousands of homebuyers stuck. Under Section 13A of the UP Industrial Area Development Act 1976, YEIDA is a secured creditor and can act in public interest. The Authority maintained the high court's decision safeguarded banks, lenders, and homebuyers. The SC also heard about an ongoing CBI investigation into alleged diversion and misappropriation of homebuyers' funds. YEIDA's counsel said UP govt had formed a committee to implement the HC order and meetings had been initiated with homebuyers to find a solution. The SC insisted on protecting banks and lenders, and scheduled the next hearing for July 29. Homebuyers' associations told the court they filed impleadment applications, alleging that JAL withheld essential data and documents from the resolution professional. They said better transparency was needed at this time to safeguard the buyers' interests.
