In a bid to cultivate Uttar Pradesh's commercial landscape, the state administration has planned to develop data centre park in Noida. This structure will reportedly spread over 200 acres of land at Sector 28 of the Yamuna Expressway Industrial Development Authority and attract investments from IT industry giants in India and abroad. The plan is expected to roll out by the end of August.
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The installation of a distinguished data centre park in Noida will create an independent infrastructure in the state that can hold and regulate the storage and flow of information and data. This provision, the YEIDA officials say, is likely to attract about Rs 20,000 crore of investment in the state. Parallelly, it will also usher a boom in employment here.
IT experts feel that the huge flow of investments in the state via the IT and electronic sectors will elevate Noida to be in the same league as the US's Silicon Valley within a few years. Many leading companies have already gravitated to this district in the last 4 years, owing to the ease of doing business here.
Several renowned companies have set up their base in Noida. Esteemed ventures like Microsoft, Adani Group and MAQ have recently bought land to set up data centres here. Besides, companies like HCL, Google and TCS have already established themselves in Noida whereas Hiranandani Group, Netmagic Services, STT Pvt Ltd and Aggarwal Associate Ltd are in touch with the Uttar Pradesh government to set up their own data centres.
The state of Uttar Pradesh, by virtue of a new IT policy, has announced several concessions, rebates and relaxations for investors. The Chief Minister also tagged Noida, Greater Noida and the Yamuna Expressway in the National Capital Region as 'Electronics Manufacturing Zones' for their business-friendly terrain. This has not only encouraged 30 big investors to show interest in the state's IT sector but also garnered the attention of companies from China, Taiwan and Korea to set up their units here.
To further augment this heightened rate of development in Uttar Pradesh, the state has decided to award a 60% subsidy in the loans borrowed by investors. Additionally, a 25% subsidy will also be given for buying land. A 100% exemption from stamp duty for first-time investors is in order. Further, firms setting up second units here will get a 50% discount, read reports.
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