Paizat Electronics to Set Up Rs 300 Crore Manufacturing Unit in Noida with State Support

ENA Sectors 2024-11-05 15:42:09 Noida, Nov 5 (KNN) In a significant step to boost electronics manufacturing in Uttar Pradesh, the state cabinet on Monday approved a proposal to issue a letter of comfort to Ms Paizat Electronics Private Limited, facilitating the companys participation in the Uttar Pradesh Electronics Manufacturing Policy-2020 (First Amendment). This decision paves the way for the company to access a range of financial incentives designed to encourage large-scale investment in the sector. The letter of comfort allows Paizat Electronics to avail itself of extensive benefits under the policy, which is tailored to attract manufacturers through capital subsidies, exemption from stamp duty, relief from electricity duty, and reimbursement of provident fund expenses. However, eligibility for these incentives will require adherence to specific compliance protocols established by the nodal agency overseeing the program. Officials revealed that Paizat Electronics has proposed an ambitious investment of approximately Rs 300 crore, excluding land costs, to set up a state-of-the-art facility for manufacturing electronic devices, including mobile phones, in Noida's Sector-60. The facility, planned for Plot No. A-23 in Gautam Buddha Nagar, will cater to a growing demand for mobile devices in Indias rapidly expanding electronics market. This project is projected to create a substantial employment boost for the region, with estimates suggesting around 4,500 jobs—both direct and indirect—will be generated. The influx of skilled and semi-skilled job opportunities is expected to invigorate the local economy, positioning Noida as a significant electronics manufacturing hub in North India. The Uttar Pradesh Electronics Manufacturing Policy-2020, launched as part of the states broader industrial growth agenda, aims to transform Uttar Pradesh into a preferred destination for electronics manufacturers by reducing the cost of doing business and supporting innovation-driven enterprises. Officials believe that supporting companies like Paizat Electronics aligns well with Uttar Pradeshs mission to enhance job creation and stimulate economic growth through targeted support for high-potential industries. The investment marks a substantial milestone in Uttar Pradesh's industrial landscape, contributing towards Chief Minister Yogi Adityanaths vision of fostering an industry-friendly ecosystem in the state. (KNN Bureau) 39804 https://knnindia.co.in/news/newsdetails/sectors/paizat-electronics-to-set-up-rs-300-crore-manufacturing-unit-in-noida-with-state-support 2024-11-05 15:42:09 knnindia.co.in Paizat Electronics to Set Up Rs 300 Crore Manufacturing Unit in Noida with State Support