UP clears private business parkpolicy to woo global firms | Lucknow News

Lucknow: The state cabinet on Monday approved the Uttar Pradesh Private Business Park Development Scheme-2025 on Monday, paving the way for world-class plug-and-play business parks aimed at attracting global companies, R & D centres, Global Capability Centres, and other operational hubs to the state.The policy is designed to provide ready-to-use infrastructure for companies looking to set up quickly, reducing delays and cost overruns that often affect projects due to a lack of developed facilities. The move is expected to give a major push to investment, employment generation, and industrial growth, especially in the services and technology sectors. Additional chief secretary, infrastructure and industrial development, Alok Kumar, said the scheme would complement the state’s industrial investment policies by creating modern business spaces with built-in operational readiness. The govt expects the parks to help attract large investments, generate thousands of jobs, support MSMEs and start-ups, and promote industrial clustering. The business parks will be developed under the Design, Build, Finance, Operate and Transfer model, with private developers taking responsibility for execution and management during the concession period. Each park will have a concession period of 45 years, extendable by another 45 years, after which the assets will be transferred to the state govt. A minimum land area of 10 acres has been fixed for each park, though some flexibility will be allowed depending on location and land suitability. The financial structure will include upfront land premium and revenue sharing. The application and bidding process will be handled by the concerned industrial development authority or govt land-owning agency. A screening committee will evaluate proposals and recommend shortlisted applicants, while the final land allotment decision will rest with the competent authority. Developers will have to submit half-yearly progress and financial reports. All tenders under the scheme will follow state PPP guidelines and require approval from the concerned administrative department before issue.