UPEIDA signs MoUs with PSBs to boost investment in UP Defense Industrial Corridor

New Delhi [India], June 7 (ANI): Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) has signed MoUs with State Bank of India (SBI), Bank of Baroda (BOB), Punjab National Bank (PNB) and Small Industries Development Bank of India (SIDBI) to boost investment in the UP Defense Industrial Corridor.
As per the agreement, the bank will provide financial assistance in the form of ease of doing business to investors in the UP Defense Industrial Corridor.
As part of its ongoing support to the investors in the Corridor, UPEIDA has now collaborated with three major nationalised banks of the country, State Bank of India (SBI), Bank of Baroda (BOB) and Punjab National Bank (PNB) and Small Industries Development Bank of India (SIDBI), UPEIDA said in a statement.
These are aimed at assisting the investors desirous of setting up in the UP Defence Industrial Corridor in securing financial assistance as part of Ease of Doing Business. The banks shall be rendering customized financial assistance on a case-to-case basis to these investors to aid them in setting up, it said.
UPEIDA has also signed an MoU with IIT Kanpur Research and Technology Park Foundation (Technopark@iitk) to address the growing R&D requirements and opportunities for collaboration of IIT Kanpur with the domestic Aerospace and Defence ecosystem.
With companies in the defence sector are preparing to set up their production and manufacturing units in the state as part of the Defence Industrial Corridor, Technopark@iitk is reaching out to companies to set up their R&D units in its premises and support them in the areas of innovation and research, UPEIDA said.
Speaking at the event, Chief Executive Officer of UPEIDA Awanish Kumar Awasthi said these agreements would help boost investment in UP Defense Industrial Corridor.
As private investors get support and assistance by the state, there will be an even greater surge in private participation in the sector. This contributes greatly to India's goal of achieving the Defence production target at $25 billion by 2025, Awasthi said. (ANI)