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Cabinet approves development of ‘Freight Village’ in Haryana

A Freight Village will come up at Haryana’s Nangal Chaudhary where the Central government will set up an integrated Multi Modal Logistics Hub in a nine hundred acres piece of land, The Central project to be implemented by a Special Purpose Vehicle (SPV) will be implemented in two phases. This will be first of the Logistics parks where the civil works will take off in the country while all other Park Projects are still in the drawing board stage

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister, Narendra Modi, has given its approval to the following proposal of the Department of Industrial Policy and Promotion:

It will be the first logistics hub to take shape with centre allocating a sum of Rs 1029 Crores for development of the first phase while in principle approval granted for the development of the phase two. The project will come up near Delhi and look after the needs of Haryana and the National capital region. A sum of rs 286 Crores have been earmarked for acquisition of land to be used for development of phase two.

The National Industrial corridor development and implementation trust  will invest nearly Rs 763 crores in the project which includes Rs 266 crores as equity and Rs 497crores as debt in the Special Purpose Vehicle. The bidding for the trunk infrastructure development will be done by the SPV on EPC basis..

 The project has enormous economic value in terms of direct and indirect benefits and multiplier effects on the economy. The economic benefits will include creation of employment, reduction in fuel costs, boosts to exports, reduction in vehicle (trucks) operating cost, reduction in accident related costs, increase in collection of taxes by the state government, reduction in pollution, etc., highlighted a release.

 

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