The Uttar Pradesh government has given the green light for the construction, maintenance, and operation of the International Film City project to a consortium led by Bollywood filmmaker Boney Kapoor’s company, Baywatch Projects LLP, according to officials.
Work on the ground is expected to start in a few months. The project, spearheaded by UP Chief Minister Yogi Adityanath, will be located in sector 21 along the Yamuna Expressway near the Noida International Airport.
The Yamuna Expressway Industrial Development Authority (YEIDA) has allotted land to the consortium in sector 21 for the project.
The award letter for the film city project was approved by the UP Cabinet in March and handed over to Boney Kapoor’s Baywatch Projects LLP-led consortium by CM Yogi Adityanath. The company will handle the construction, operation, and maintenance of the film city.
After receiving the award letter, the company will need to form a special purpose vehicle to enter into a concession agreement with YEIDA for project development.
The financial bids for the project were opened on January 30, 2024, where Boney Kapoor’s Bayview Projects LLP, in association with Bhutani Infra, emerged as the highest bidder. They will develop the first phase of the 1,000-acre project on 230 acres of land.
Of the total land, 155 acres will be for industrial use and 75 acres for commercial use. The industrial part will include film studios, a film institute, post-production facilities, while the commercial part will feature hospitality projects and amusement parks.
The tentative investment for the first phase is estimated to be around Rs 1,500 crore, with a concession period of 90 years.
Though other companies applied for the project, Boney Kapoor’s consortium secured the bid with an 18 percent revenue share.
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