In a strategic move, Hong Kong’s Township Group has relocated its ambitious Rs 1.54 lakh crore semiconductor plant project from Agra to a site near Noida International Airport in Jewar. The relocation was prompted by the unavailability of the required land for the project at its original location.
During the Global Investors Summit, the Township Group signed 10 Memorandums of Understanding (MoUs) with investments totaling Rs 1.80 lakh crores.
One of these agreements aimed at establishing a semiconductor factory in Agra, with investments ranging from Rs 99.99 crores to Rs 5,400 crores. However, logistical challenges arose as acquiring 1500 acres of land in Agra proved unfeasible. Agra District Magistrate Navneet Singh Chahal acknowledged the difficulty of securing such a vast land parcel within the city. Anuj Kumar, Joint Commissioner Industries, concurred, citing the absence of suitable land meeting the project’s requirements. The venture held the potential to create jobs for approximately 65,000 individuals.
Furthermore, the Township Group solidified its commitment through four additional MoUs, totaling Rs 6,509 crore, in partnership with the MSME and Export Promotion Department. Another notable agreement, valued at Rs 246 crore, was formed with the Vocational Education and Skill Department.
The company also forged agreements amounting to Rs 410 crore and Rs 5,330 crore with the Forest Department and the Handloom and Textile Department, respectively. Another substantial MoU, involving an investment of Rs 8,200 crore, was inked with the UP State Industrial Development Authority.
Vishal Sharma, Secretary of the Agra Tourist Welfare Chamber, underscored the potential impact of the project’s relocation. He emphasized that if the venture had materialized in Agra, the city could have emerged as a significant semiconductor industry hub in India, complementing its flourishing tourism sector.