Cabinet approves development of Trunk Infrastructure Components for Integrated Multi Modal Logistics Hub
New Delhi, May 16(IBNS): The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi has given its approval to some proposal of the Department of Industrial Policy and Promotion.
The proposals are given below:-
i. Development of Freight Village, an Integrated Multi Modal Logistics Hub (IMLH), Nangal Chaudhary, Haryana on 886.78 acres of land to be implemented by the project Special Purpose Vehicle (SPV) in two phases.
ii. Financial sanction of Rs. 1029.49 crore for development of Phase I and in principle approval for development of Phase II of the project. Expenditure on Phase I comprises cost of entire land at Rs. 266 crore including cost of the land to be used for development of Phase II.
iii. Investment of Rs. 763.49 crore by National Industrial Corridor Development and Implementation Trust (NICDIT) which includes of Rs. 266 crore as equity and Rs. 497.49 crore as debt in the SPV; and
iv. Bidding for trunk infrastructure development by SPV on EPC basis;
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