Haryana to develop Integrated Multi-Modal Logistic Hub
Tribune News Service
Chandigarh, December 3
The Haryana Government has decided to develop an Integrated Multi-Modal Logistic Hub (IMLH) as part of the Delhi-Mumbai Industrial Corridor (DMIC) project. It will be developed over 1,200 acres adjoining the Delhi-Mumbai Freight Corridor near IMT Bawal. Besides, it was also decided to expand the Industrial Model Township at Bawal on 2,400 acres. The projects will provide a major boost to the GDP growth of the state and prove to be a driver for future growth in the southern Haryana region.
The Haryana Infrastructure Development Board (HIDB), which met under the chairmanship of Chief Minister Manohar Lal Khattar today, approved the projects. For the purpose of funding the acquisition of the said 1,200 acres, the HIDB took a decision for equity investment amounting to Rs 900 crore for the project.
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.
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 the extension of IMT Bawal. The said loan will be repaid by HSIIDC along with interest at the rate of 8.9% per annum.
A Special Purpose Vehicle (SPV) for implementation of the IMLH project will be formed to work out the modalities of financial structuring, terms and conditions involving equity investment and short-term loan for this project. The Chief Secretary would finalise the modalities for the same.
The DMIC project in Haryana would cover 66% area of the state across 14 districts. Under the DMIC project, four investment regions, namely Manesar-Bawal Investment Region, Faridabad-Palwal Industrial Area, Kundli-Sonepat Investment Region and Rewari-Hisar Industrial Area would be developed. Under the first phase, Manesar-Bawal Investment Region would be developed.
The MBIR is expected to generate industrial output of $42 billion by 2040 which is likely to contribute 25% of the state GDP. Besides, the project is expected to provide direct and indirect employment to 1.6 million people by 2040.
