The Uttar Pradesh (UP) government's efforts to attract foreign investment in automobile sector at the ongoing Auto-Expo in Greater Noida have borne fruit.
A Japanese automobile major is learnt to have decided to set up an auto parts manufacturing unit in Greater Noida, an official said, but did not reveal the name of the company or the details of investment.
"The enthusiasm shown by investors at the Auto-Expo has given us hope that many big players are contemplating to invest here," said Rama Raman, chairman and chief executive officer (CEO) of the Greater Noida authority.
He said the authority recently allotted 250 industrial plots and it is open to allotting an equal number of plots to automobile or other manufacturing units.
The authority has tailor-made schemes for big automobile players in Greater Noida and Yamuna Expressway area, he said.
The two industrial authorities--- Greater Noida and Yamuna Expressway industrial development authority (YEIDA)---plan to attract more industries to push economic activity.
"We are promoting our industrial plot schemes at all platforms be it Auto-Expo or ADB summit. Our effort is to lure as many investors as we can especially foreigners in a bid to give boost to local economy," said PC Gupta, chief executive officer (CEO) of YEIDA.
Realtors said housing sector is going to benefit from Greater Noida's emergence as an international event destination coupled with ₹1400-cr units being set up by software giants like Infosys and Mentor Graphics in Noida.
'Historically infrastructure across the world has been the pull for large-scale investments spiraling into growth for housing demand. Such events are an opportunity to showcase the brilliance which Noida and Greater Noida have already achieved in terms of infrastructure," said Brijesh Bhanote, director sales and marketing of 3C Company.
Greater Noida houses about 3,000 industrial units, including 100 big players like Yamaha Motors, Hero Honda, New Holland and Asian Paints among others.
"The big challenge before UP government and local authorities is to lure big manufacturing units, which can employ local educated jobless young folks, whose land was acquired for urbanisation," said Aditya Ghildiyal, vice president of the association of Greater Noida industries (Agni).
"Instead of allotting more land for residential projects, the authority should pro-actively lure industries to make this city economically sustainable," he said.