In a revolutionary step under the recently enacted Foreign Direct Investment Policy-2023, the Uttar Pradesh government has decided to provide a ‘front-end land subsidy’ to the first company.

In this regard, Infrastructure and Industrial Development Commissioner Manoj Kumar Singh has issued the approval letter and eligibility certificate for providing front-end land subsidy to Fuji Silvertech Concrete Private Limited (FSCPL) for their proposed project.

It is noteworthy that recently, the Yogi Adityanath cabinet approved the Uttar Pradesh Foreign Development Policy-2023. This is the first case of approval for land subsidy for any company after the policy was formulated.

The letter of approval sent to the managing director of Fuji Silvertech Concrete Private Limited stated that Invest UP’s evaluation committee assessed the proposal in its meeting on November 22, 2023, and approved the foreign direct investment (FDI) for the grant of a front-end land subsidy.

The committee recommended the grant of front-end land subsidy and referred the matter to the empowered committee established under Clause 31 of the Investment Promotion Policy-2023 for Fortune Global 500 and Fortune India 500 companies.

The empowered committee has given its approval for granting 75 per cent of front-end land subsidy for the proposed project, covering 10 hectares (approximately 25 acres) of land in Yamuna Expressway Industrial Development Authority, Gautam Buddha Nagar.

The FSCPL project is related to the construction of precast concrete products using wet cast technology and sulfur concrete technology. In Phase 1, there will be an installed capacity of 650 TPD, and in Phase 2, there will be an additional capacity of 350 TPD. The estimated cost of Phase 1 is Rs 150 crore while Phase 2 will also cost Rs 150 crore. Approximately 700 people will directly and indirectly gain employment from Phase 1 of the project.

The FSCPL is jointly owned by Fuji Concrete Industry Co Ltd (FCICL) and Toyota Kohki Co Ltd (TKCL).

Notably, FCICL has been operating since 1970 while TKCL has been operational since 1966. Both the firms are based in Japan.

Fuji brings cutting-edge technology and collective experience of 100 years. The company has two plants in India, one in Bagodara, Gujarat, and the other one in Aurangabad, Maharashtra. The proposed manufacturing plant in YEIDA will be the company’s first production unit in north India.