Under the new rules for foreign investment in Uttar Pradesh, the Yogi government has decided to give a special discount on land to the first company.
The Infrastructure and Industrial Development Commissioner, Manoj Kumar Singh, has sent a letter of approval and eligibility certificate to Fuji Silvertech Concrete Private Limited (FSCPL) for their project.
This is the first time that land discount has been approved
Recently, the Yogi Cabinet approved the Foreign Development Policy for Uttar Pradesh. This is the first time any company has been granted a land subsidy under this policy.
The approval letter sent to the Managing Director of FSCPL mentions that the evaluation committee of Invest UP reviewed the proposal on November 22, 2023, and approved the foreign investment for the land subsidy.
They recommended the matter to the empowered committee as outlined in the Investment Promotion Policy 2023 for Fortune Global 500 and Fortune India 500 companies.
The Empowered Committee has suggested that the Yamuna Expressway Industrial Development Authority grant 75% of the land subsidy for the project, which involves 10 hectares (about 25 acres) of land in Gautam Budh Nagar District.
The proposal has been accepted. The project is planned in Yamuna Expressway Industrial Development Authority (YIDA)
and focuses on manufacturing precast concrete products using Wet Cast Technology and Sulfur Concrete Technology.
In Phase-1, the project will have a capacity of 650 TPD, and in Phase-2, an additional 350 TPD.
The cost for each phase is Rs 150 crore. Phase-1 is expected to provide employment to about 700 people.
According to the proposed financing structure for Phase-1, foreign capital will be Rs 100 crore (Rs 85 crore through a standby letter of credit and Rs 15 crore as equity), while the Indian promoter will contribute Rs 50 crore (including Rs 10 crore as equity and a loan of Rs 40 crore).
Fuji Silvertech Concrete Private Limited (FSCPL) is a Special Purpose Vehicle (SPV) created to establish and operate manufacturing facilities for precast concrete products in India.
The technology for these facilities comes from Fuji Concrete Industry Co., Ltd. (FCICL) and Toyota Kokhi Co., Ltd. (TKCL), joint venture partners in FSCPL.
FCICL has been operating since 1970, and TKCL since 1966, both located in Japan. Fuji Japan brings advanced technology and 100 years of collective experience.
The company already has two plants in India, one in Bagodra, Gujarat, and the other in Aurangabad, Maharashtra.
The proposed plant at YEIDA will be the company’s first manufacturing unit in North India.
