P&H Joy Mining Equipment India (P&H Joy), a fully owned subsidiary of US-based Joy Global Inc, on Wedneday announced that it would set up its manufacturing unit in Changi's proposed airport city at Andal in Bardhaman district making an initial investment of $ 25 million (Rs 133 crore).
The mining equipment manufacturer has entered into an agreement with Bengal Aerotropolis Projects Ltd (BAPL), in which Singapore's Changi has 26 per cent stake, for the same.
“We have signed the MoU with BAPL which will sublease 25 acres of land to us. We are now doing the soil-testing, designing and other things. We will start the construction work by the next month. The state-of-the art facility, which will cater to our customers across India, is likely to be ready by 2013,” Anirudha Gupta, director, P&H Joy Mining Equipment India said.
It is the first manufacturing unit that is coming up within the engineering and technology park, a part of the proposed aerotropolis project.
“This is a very significant step. This is perhaps also the largest Us investment in the state after the food and processing unit set up by Frito Lay, a Pepsico company in 2004,” Subrata Paul, CEO, BAPL said.
Meanwhile, Mission Hospital has also decided to establish a 500-bed multi-specialty hospital in the health city inside the project area.
Work is on for the first phase of airport city project, which includes construction of airport and initial infrastructure for the proposed township. The airport is scheduled to be operational by the end of 2012.
After the completion of the first phase, BAPL has plans to come out with an airport city which will have an IT park, hospitals and a residential complex.
BAPL had initially sought for 2300 acres of land for the project, of which it has about 1818 acre in its possession.
While, BAPL has already decided to cut short the project by 144 acres, for the remaining land, Paul said, the company is “in talks with the government.”
