Proposed to be developed over 1,200 acres of land adjoining Delhi-Mumbai Freight Corridor near industrial model township Bawal, the ambitious project will prove to be driver for the future growth in the southern Haryana region and boost state economy, said an official release here.
The Haryana Infrastructure Development Board (HIDB) which met under the chairmanship of Chief Minister Manohar Lal Khattar here today approved this project.
For the purpose of funding the acquisition of 1,200 acres land, the HIDB took a decision for equity investment amounting to Rs 900 crore for the project.
Besides, it was also decided to expand the Industrial Model Township at Bawal over an area of 2,400 acres.
It was informed in the meeting that the IMLH would be developed in Public-Private-Partnership (PPP) mode in collaboration with Delhi-Mumbai Industrial Corridor Development Corporation (DMICDC) and is likely to be operational in the next two to three years time.
The project is envisaged to develop EXIM container yard, domestic container yard, warehousing, auto zone and commercial zone.
As per the initial project feasibility, the EXIM traffic is likely to constitute 75 per cent of the total container traffic estimated at 1.39 tonne equivalent units (TEU) by the year 2030, said an official release here.
In the meeting, the Board has also decided to extend a short-term loan of Rs 850 crore to HSIIDC to enable part-fund the acquisition of adjoining industrial area for extension of IMT Bawal.
The said short term loan shall be paid back by HSIIDC along with interest at the rate of 8.9 per cent per annum.
A Special Purpose Vehicle (SPV) for implementation of the IMLH project will be formed to workout the modalities of financial structuring, terms and conditions involving equity investment and short term loan for this project.
The Chief Secretary would finalize the modalities for the same, it said. The DMIC project in Haryana would cover 66 percent area of the state across 14 districts.
Under the DMIC project, four investment regions namely Manesar Bawal Investment Region, Faridabad Palwal Industrial Area, Kundli sonipat Investment Region and Rewari-Hisar Industrial Area would be developed.
Under the first phase, Manesar Bawal Investment Region would be developed.
It was informed in the meeting that MBIR would generate industrial output of USD 42 billion by year 2040 which would likely to contribute 25 per cent of state GDP.
Besides, the project is expected to provide direct and indirect employment to 1.6 million people by year 2040, it said.