Shakuntalam Lancraft to invest Rs 1500 crore to set up industrial park in Greater Noida

Realty firm Shakuntalam Landcraft plans to invest Rs 1,500 crore to develop an industrial park on a plot which once housed South Korean automobile maker Daewoo Motors's manufacturing plant at Surajpur in Greater Noida near here.

The industrial park would house more than 600 micro, small and medium enterprises (MSMEs), a top company official said, adding that these MSMEs would generate an estimated 25,000 direct and indirect jobs in the area.

Talking with PTI, Shakuntalam Landcraft Director Pallavi Gupta told PTI, "We have bought 204 acres of industrial land in Surajpur, Greater Noida in an auction for about Rs 359 crores. We have planned to develop it as a gold-rated industrial park to house around 600 MSMEs at a total investment of about Rs 1,500 crore."

She said that it will take two years to develop the industrial park which would have facilities like cemented roads, under-ground electricity distribution, gated campus, CCTV surveillance, round-the-clock security and other maintenance facilities.

She also stated that as per the preliminary estimates, these 600 MSMEs will generate Rs 50,000 crore worth of goods and create 25,000 direct as well as indirect jobs in the area.

In the present scenarios, MSMEs require 400-500 sq m plots and cannot afford all other facilities which an industrial park can provide, she explained.

The plot was initially allotted to DCM Toyota in 1980 and later on handed over to South Korean automobile company Daewoo Motors in 1990. The plot was bought by Pan India in 2008. However, Pan India could not pay the entire consideration and lost the case in the Bombay High Court in 2016.

The building and plant & machinery were sold as scrap in 2018. Thereafter as many as 10 auctions of this plot failed and then it was finally acquired by Shakuntalam Landcraft, she said.

Gupta also said that due to the efforts of the government and debt recovery tribunal courts, an asset which was not in use for 22 years will be finally utilised again.

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