Jewar, Nov 2 (KNN) A Japanese industrial city is set to be established in Sector 10, near the upcoming Jewar airport, reported The Indian Express.

The Yamuna Expressway Industrial Development Authority (YEIDA) revived the plan a day after the Uttar Pradesh Cabinet approved the new foreign direct investment (FDI) policy to provide incentives to overseas investors, including exemptions in land acquisition, stamp duty, and capital investment.

“Recently, 11 Japanese firms visited the industrial area of the authority. The scheme for this project will be launched this month. The Japanese city will be developed in Sector 10. Along with this, a few parcels of land will be allotted to companies in Sector 32 for their work,” said an official.

As per reports, the scheme for big industrial plots may be issued after November 15. The land allotted under the scheme can be used for residential, commercial and institutional purposes. The Japanese firms that recently visited also got the soil tested.

The new FDI policy will allow area-specific exemptions in stamp duty and registration fees in line with the Uttar Pradesh Industrial Investment and Employment Promotion Policy 2022.

Apart from existing incentives, a 100 per cent exemption will also be given in electricity duty for a five-year period. Officials also said these companies will bring 100 per cent FDI.

To avail of benefits, the companies will have to invest at least Rs 100 crore. Along with land subsidy, the company will get Rs 2 crore for R&D, Rs 10 crore for workers, and Rs 5,000 per month per person for training costs of a maximum of 500 individuals.

(KNN Bureau)