Uttar Pradesh State Industrial Development Authority and Singapore’s SLG Capital, a real estate investment firm, signed an MoU worth USD 1 billion to set up a data center in Noida. Prior to the UP Global Investors Summit (UPGIS), the UP government has dispatched trade delegations to 16 countries to undertake road shows.
According to the Uttar Pradesh State Industrial Development Authority (UPSIDA), one such substantial agreement was inked by the New Okhla Industrial Development Authority (Noida) and Singapore’s SLG Capital for the establishment of a data center in the NCR region.
In a tweet from the Official Twitter account of Uttar Pradesh State Industrial Development Authority (CEO Noida): “In the presence of minister Swatantra Dev Singh, another major MoU has been signed with SLG Capital Singapore for US$ 1 billion for investment and data center establishment in Noida- Greater Noida region in UP. This will give a major boost to the development of the area,”
Noida CEO Ritu Maheshwari, a 2003-batch IAS officer of UP cadre is part of a delegation led by Uttar Pradesh Minister for Jal Shakti and Flood Control Swatantara Dev Singh that is visiting Singapore ahead of the investor summit.
Moreover, according to UPSIDA, it also signed an MoU with Star Consortium Private Limited for the construction of Datacenter/Logistic services in Uttar Pradesh, valued at Rs 2000 crore, in Singapore.
“The investment worth 2000 crores will generate employment for many people in the state,” tweeted the Authority.
Data Center Policy of UP government
The UP government has approved a Rs 15,000 crore plan to turn Noida into a hub for data centers with the goal of creating over 4,000 employment opportunities. The state’s data center regulations offer perks like capital subsidy, interest subsidy, and stamp duty exemption, coupled with non-financial and power-related facilities, to entice investors.
To entice foreign investment for the UP-investor conference, which will be hosted in the state capital of Lucknow from February 10–12 in 2023, Singh’s 15 other delegations have been dispatched to 15 other countries.