Defence Corridor: UPEIDA Signs A MOU With Three Banks, Including SIDBI

The Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) signed a Memorandum of Understanding (MOU) on Tuesday with three major nationalised banks and the Small Industries Development Bank of India (SIDBI) to provide financial assistance to investors interested in establishing units in the Defence Industrial Corridor.

Along with the SIDBI, the State Bank of India, Bank of Baroda, and Punjab National Bank are three institutions that will give financial assistance to investors in the Defence Corridor’s six nodes.

In addition, UPEIDA and the IIT Kanpur Research and Technology Park Foundation inked a Memorandum of Understanding for research and development in the aerospace and defence sector.

The MOU was signed on behalf of the state government by Awanish Awasthi, CEO of UPEIDA.

The MOU was signed on behalf of SIDBI by Prakash Kumar, chief general manager. At the event, representatives from all three nationalised banks were also present.

“This will be another milestone for the Defence Corridor,” stated UPEIDA’s CEO. There will be an even bigger boom in private participation in the defence sector as private investors receive state backing and help.”

“This is a significant contribution to India’s ambition of meeting the US$25.00 billion defence manufacturing target by 2025,” he added.

The Centre has assigned the Defence Industrial Corridor project to Uttar Pradesh as one of the priority initiatives to encourage indigenization and private investment in the defence sector.