U.P. Defence Industrial Corridor- Update

June 10, 2022

Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) recently signed MoUs with some banks in order to boost investment in UP Defense Industrial Corridor.

Key Facts

Those banks include- State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BOB), and Small Industries Development Bank of India (SIDBI).
According to MoU, these banks will provide financial assistance to investors, as a part of ease of doing business.
Banks will render customized financial assistance to investors, on a case-to-case basis.

MoU with IIT Kanpur

UPEIDA has inked an MoU with IIT Kanpur Research and Technology Park Foundation, for addressing the growing opportunities and R&D requirements for collaboration of IIT Kanpur with domestic Aerospace and Defence ecosystem.

Significance of the MOU

This MoU is significant, because under it, private investors will get support and assistance by the state. This in turn, will boost private participation in the sector. It will contribute to India’s goal of achieving Defence production target at USD 25 billion by 2025.

About Uttar Pradesh Defence Industrial Corridor (UP DIC)

UP DIC is an aspirational project that seeks to reduce foreign dependency of Indian Aerospace & Defence Sector. This project was started on August 11, 2018, with the announcement of investments of Rs. 3700 crores in Defence production. The Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) is the nodal agency for executing this project in association with various other state agencies. This project has been planned across 6 nodes namely, Lucknow, Jhansi, Kanpur, Chitrakoot, Agra and Aligarh. The project was started with the aim of making Uttar Pradesh as one of the largest & advanced Defence manufacturing hubs and put it on global map.

« Previous PostNext Post »