The Haryana government has decided to develop an Integrated Multi-Modal Logistic Hub (IMLH) as part of the prestigious Delhi-Mumbai Industrial Corridor (DMIC) project.
It will be developed in over 1,200 acres, adjoining the Delhi-Mumbai freight corridor, near Industrial Model Township (IMT) at Bawal. Besides, it was also decided to expand the IMT over an area of 2,400 acres. The proposed projects are aimed to give a major boost to the state's prosperity and accelarate growth in southern Haryana.
The Haryana Infrastructure Development Board (HIDB), which met under the chairmanship of Chief Minister Manohar Lal Khattar, on Wednesday approved the projects. For the purpose of funding the land acquisition, the HIDB took a decision for equity investment, amounting to Rs 900 crore.
It was said in the meeting the IMLH would be developed in public-private partnership (PPP) mode in collaboration with the Delhi-Mumbai Industrial Corridor Development Corporation (DMICDC) and is likely to be operational in the next two-three years. The project is envisaged to develop export-import (EXIM) container yard, domestic container yard, warehousing, auto zone and commercial zone. According to the initial project feasibility, the EXIM traffic is likely to constitute 75 per cent of the total container traffic estimated at 1.39 tonne equivalent units (TEU) by the year 2030.
In the meeting, the board also decided to extend a short-term loan of Rs 850 crore to HSIIDC to enable it to fund the acquisition of adjoining industrial area for extension of IMT Bawal. The short-term loan shall be paid back along with an interest of 8.9 per cent a year.
A special purpose vehicle (SPV) for implementation of the IMLH project will be formed to work out the modalities of financial structuring, terms and conditions involving equity investment and short-term loan for this project. The chief secretary would finalise the modalities for the same.
The DMIC project in Haryana would cover 66 per cent area of the state across 14 districts. Under the DMIC project, four investment regions - Manesar Bawal Investment Region, Faridabad Palwal Industrial Area, Kundli Sonipat Investment Region and Rewari-Hisar Industrial Area - would be developed. Under the first phase, Manesar Bawal Investment Region will be developed.
It was also said in the meeting the Manesar Bawal Investment Region (MBIR) would generate industrial output of $42 billion by 2040, which would likely to contribute 25 per cent of the state's gross domestic product. Besides, the project is expected to provide direct and indirect employment to 1.6 million lives by 2040.
