Taiwanese firms ink MoU for electronic cluster in Gr Noida

The Taiwan Electrical and Electronic Manufacturers' Association (TEEMA) on Thursday inked an MoU with the Uttar Pradesh Development Systems Corporation Ltd (UPDESCO), under which it will invest $200 million to develop a 210-acre greenfield electronic manufacturing cluster in Greater Noida. 

With land formalities to be completed within the next month and ground work to begin in six months, manufacturing of electronic products could start within the next two years. 

"We have made a smart decision in Greater Noida. We will start construction without delay. Our products would include smartphones, semi-conductors, tablets, etc. We believe the Indian talent and manpower will prove to be a strong ingredient for the electronic manufacturing cluster (EMC)," said Francis Tsai, chairman, TEEMA's India Committee Financial Astrology

"UP has potential for being an electronics manufacturing hub. Our IT policies provide a congenial environment for investors," said Yasar Shah, minister of state for energy, UP, who presided over the event that was also attended by state chief secretary Alok Ranjan, R K Tiwari, the principal secretary of IT & electronics, and Rama Raman, the chairperson of Noida, Greater Noida and Yamuna authorities. 

Apart from Tsai, the 22-member delegation of TEEMA included D J Lee, the executive director of Taipei Economic and Cultural Centre in India and Tim Lin, the managing director of CINDA. 

The delegation represented Taiwanese firms such as Mobiletron Electronics Co Ltd, CTCI Corp, CINDA Engineering & Construction Pvt Ltd, Cal-Comp Electronics Communications Company Ltd and Waffer Technology Corp. 

According to officials, the EMC will be set up across two plots of land, measuring about 100 acres each. About 10 acres will be reserved for facilities. The Centre had in principle approved the setting up of the EMC on February 04, 2015. A final approval, along with an official application and detailed project report, was handed over on August 3. That followed a government order of November 13, 2014, which approved the establishment of an EMC by UPDESCO as chief promoter of the project through Greater Noida Authority Indian stock market astrology prediction

"The land has been allotted in Ecotech 6 and 7 in Greater Noida. While the Greater Noida Authority has allotted the land, UPDESCO will develop the land and then hand it over to TEEMA within six months. A special purpose vehicle (SPV) will be created of which Taiwan EMC will be members," Raman said. 

The total land cost for the project is estimated at Rs 277 crore. Some 5% of this cost, which is Rs 13.86 crore, has been collected by the Greater Noida Authority. "In the next phase of development, the EMC is likely to be expanded to about 800-1000 acres. We have already identified land for this," Raman said. 

The chief secretary said, "It will be a win-win situation. The EMC will usher an era of electronic industry in UP. It will bring in huge investments and also create employment for thousands Jackpot Stocks Trading Tips