HUDCO to give ₹2.9k Cr loan for Ganga e-way

LUCKNOW: The Housing and Urban Development Corporation (HUDCO) will give Rs 2,900 crore loan to the Uttar Pradesh Expressway Industrial Development Authority (UPEIDA) for the purchase of land for Ganga Expressway.

A separate cell will be established in UPEIDA for purchase/ allotment of land, development of infrastructure facilities and integrated management of Uttar Pradesh Defence Industrial Corridor.

The decisions were taken at the 58th board meeting of UPEIDA held under the chairmanship of UPEIDA’s chief executive officer, Awanish Kumar Awasthi on Wednesday.

The board gave its approval to a proposal to build a consortium worth Rs 5,900 crore from the Union Bank of India, Indian

Bank, Bank of Maharashtra and UCO Bank, received till now under the leadership of Bank of Baroda, for funding through the loan from the banks for the Bundelkhand Expressway project.

CEO UPEIDA was authorised by the board for all agreements regarding the projects.

A decision was taken by the board of directors of UPEIDA on the revised rate of land in Aligarh district under the Defence Industrial Corridor project, as well as the signing of MoU with UPEIDA by the Indian Navy to develop defence industries in the Defence Industrial Corridor.

The Indian Navy, in its proposal, has assured that it will cooperate with Uttar Pradesh Expressway Industrial Development Authority to promote investment in defence sector under the Defence Industrial Corridor.