UPSIDC assets, liabilities transferred to UPSIDA

LUCKNOW: The state cabinet on Tuesday decided to transfer all the assets and liabilities and employees of the Uttar Pradesh State Industrial Development Corporation (UPSIDC) to the Uttar Pradesh State Industrial Development Authority (UPSIDA).

Chief minister Yogi Adityanath presided over the meeting of the state cabinet that also approved UPSIDA centralised service rules for the officers and employees of the development authorities. The state government had merged eight development authorities in UPSIDA.

Minister for industry Satish Mahana said the new rules provide for transfer of authorities from one to the other.

He said all the authorities would now have 60 year retirement age. He said Uttar Pradesh would now have eight industrial development authorities that include NOIDA, Greater NOIDA, Yamuna Expressway Industrial Development Authority, UP Expressway Industrial Development Authority, Satharia Industrial Development Authority, Gorakhpur Industrial Development Authority, Lucknow

Industrial Development Authority and the UPSIDA.

Mahana said the transfer of assets and liabilities of corporations to the Uttar Pradesh State Industrial Development Authority would be exempted from stamp duty. He said all the authority would make all the payments that the corporation has been making to the state government.

The cabinet also decided to construct two-lane Hamirpur-Rath road with Enginering Procurement and Construction method. A sum of ₹349 crore will be spent on construction of road that is a part of World Bank sponsored UP Core Road Development Project.

Union government has approved a loan of USD 400 million for the project. The project will be completed within 24 months.