Noida, Aug 30 (KNN) Under the Yamuna Expressway Industrial Development Authority (YEIDA) the foundation stone for the first industrial park was laid on Monday.

It has the upcoming Noida international airport at the heart of big-ticket investment plans.

The Apparel Park will come up on 175 acres, for which YEIDA has handed over possession of plots to 39 companies so far. 

Of the 89 plots in total, 81 have been assigned to various firms. More than 60 companies have been handed plans and checklists as well.

With an expected investment of Rs 3,000 crore, the Park is likely to provide jobs to around 3 lakh people, 75% of whom will be women. Officials said the Park would earn Rs 10,000 crore in foreign currency annually through the export of garments.

Arun Vir Singh, the YEIDA CEO, said most of the companies given physical possession of plots would begin construction in a month.

Lalit Thukral, president of the Noida Apparel Export Cluster, said the move would provide a much-needed boost to the sector that suffered massive losses during the pandemic.

“Noida is known as the city of apparel because of the large number of manufacturing units there. Currently, there are around 4,000 factories manufacturing readymade garments. Collectively, they have an investment of around Rs 40,000 crore annually. The target is to take up the exports to Rs 60,000 crore over the next three years,” he said.

“The Apparel Park would be one of its kind in northern India. Apart from the large number of companies, the roads leading to the area will have fruit trees planted on both sides. One effluent treatment plant (zero liquid discharge) will also come up in the compound,” he added.  (KNN Bureau)