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Monday, July 15, 2024
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Punjab Government signed MoU with QuarkCity

MoU for 2nd Phase of Project over 5000 acres


he Punjab government led by Captain Amarinder Singh signed a Memorandum of Understanding (MoU) with M/s QuarkCity India Private Limited to create state-of-the-art industrial parks, industrial model towns and integrated townships in the second phase of the project, to be spread over 5000 acres across the state. The MoU was signed by the Department of Information Technology in the presence of Chief Minister Captain Amarinder Singh and several cabinet ministers.

Captain Amarinder Singh congratulated Chairman, Quarkcity Mohali, Fred Ebrahimi for choosing to expand his QuarkCity project to catalyse further industrial and economic activity across the state, besides creating enormous job potential for the youth. Responding to a suggestion, the Chief Minister directed the Punjab Bureau of Investment Promotion to regularly monitor the progress of pending applications of industrialists who were keen to set up their ventures in the state, in order to facilitate their early implementation.

The 2nd phase of QuarkCity project would be meticulously designed to distribute the covered area for industrial, residential and commercial use, including public utilities, amenities and common infrastructure, according to an official spokesperson.

Of the total area, 10% of land would be earmarked for creating infrastructure for educational facilities, and 30% of the covered area would be reserved for industrial use, and another 25% for hotels, integrated multiplexes, malls and convention centres. Under the MoU, the scope of work would include acquiring of land, development of infrastructure towards creation of Industrial parks in Rajpura, Kharar and Fatehgarh Sahib in a time-bound manner.

Thanking the Chief Minister for his government's support for the project, Fred Ebrahimi said that the reforms initiated under the leadership of Captain Amarinder Singh were now fructifying into massive investments. Urging the Chief Minister to launch this mega project from Rajpura, Fred informed Captain Amarinder Singh that he had already tied up with the key players in the IT Sector to set up their ventures, which would in turn lead to the generation of tremendous employment potential in the region.

The investor-friendly policies of the state would attract more investment, said Fred, announcing a further investment of Rs 10,000 crores in Punjab in the near future in order to capitalize on the positive investment sentiment in the state. It may be recalled that in an agreement signed with Punjab Government in July, 2017, immediately after the incumbent government had taken over, QuarkCity had undertaken to develop an IT park over 51 acres in Mohali. An investment worth Rs. 400 Crores has already been made in this prestigious project by QuarkCity, out of the total committed minimum fixed Capital Investment of Rs 700 Crores, which was likely to go up by the time the project is completed.

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