Yogi Adityanath government waives off stamp duty to promote Samsung to set up its Rs 4,900 crore project in Noida

Country's problems could be solved only when farmers become part of political agenda: Yogi Adityanath

Lucknow,June8: The Yogi Adityanath government did its bit to help Samsung set up the Rs 4,900 crore project in Noida by waiving off the stamp duty the company had to pay for the lease of land for its mega project.

This is part of the new CM’s efforts to get more business into Uttar Pradesh and is the first project under the new Yogi government to get such a help. Adityanath will also unveil a new industrial policy this month even as major departments gave a presentation  on the same to the CM on Wednesday.

Two senior UP ministers, Satish Mahana and Suresh Rana, were present at the ‘ground breaking’ ceremony of the Samsung project in Noida where the company plans to invest Rs 5000 crore to double its mobile phone production capacity.

The South Korean company has procured a site in Sector 81, close to its existing plant in Noida, doubling the area from 130,000 sq. m. for the project.

On May 27, the Yogi government had remitted the stamp duty chargeable on the instruments of conveyance and on the instruments of lease of land executed in favour of Samsung as a ‘Mega Project’ with a view to “providing special facilities and concessions by the state government,” says a notification issued by the UP Governor, and  accessed by ET.

The Samsung India chief had met the UP chief minister in Lucknow on April 3.

The investment proposal was recently approved by the UP government under its Mega Policy,” Samsung said in a press statement at the ceremony of its plant’s expansion on Wednesday.

UP industry development minister Satish Mahana said the Samsung project could not be implemented earlier due to “difficulties under the Akhilesh Yadav regime” adding that the present government would soon bring a new Industrial policy to attract investments and create jobs.

“Like the speed and efficiency with which UP government has given all clearances and support to Samsung for a major expansion in NOIDA. Rs 5000 cr and 5000 jobs,” NITI Aayog CEO Amitabh Kant tweeted on Wednesday.

A senior UP government official said the upcoming industrial policy of UP would focus firmly on “employment generation” and “attracting investment” through simplification of procedures and offering an atmosphere of “safety, good law and order and availability of power.”

At a review meeting on May 31 on contours of the proposed policy, Adityanath had said the vacant land should be identified to be tagged as a ‘land bank’ to set up food parks, IT parks and industries.

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