
₹9cr subsidy to 2 warehousing projects in UP
The decision was made in the first meeting of the empowered committee constituted under the said policy.
Tired of too many ads? go ad free now
Chaired by chief secretary Manoj Kumar Singh, the committee decided to provide a capital subsidy of Rs 4.89 crore to OWM Logipark Varanasi LLP, besides approving a capital subsidy of Rs 4.90 crore to KMRA Associates LLP, Unnao.
OWM Logipark Varanasi LLP set up a storage facility (warehouse) project with a capital investment of Rs 33.29 crore on 8.94 acres of land at village Bihra, Tehsil Rajatalab in Varanasi. KMRA Associates LLP invested Rs 44.58 crore on 12 acres of land at village Rasoolpur, Tehsil Hasanganj in Unnao.
"This step is significant for boosting investments in the logistics and warehousing sector in Uttar Pradesh and establishing the state as a leader in industrial development," said Mayur Maheshwari, chief executive officer, UPSIDA. He also stated that so far, UPSIDA allotted Unique IDs to 20 companies for a total investment of Rs 1,416 crore across the state. All these projects are currently in progress. Among these, proposals were presented to issue 'letters of comfort' to two companies.
The meeting was attended by principal secretary, IT and electronics Anurag Yadav, secretary, infrastructure and industrial development, Vijay Kiran Anand, besides other senior officials.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)

Business Standard
15 minutes ago
- Business Standard
Irdai proposes internal ombudsman to address claims up to ₹50 lakh
The Insurance Regulatory and Development Authority of India (Irdai) on Wednesday proposed the establishment of an internal insurance ombudsman for insurance companies (except reinsurers) with over three years of operations, to address unresolved complaints. The ombudsman will have the authority to hear complaints for claims up to Rs 50 lakh. The insurance regulator said it has proposed to issue the IRDAI (Internal Insurance Ombudsman) Guidelines 2025 to facilitate effective and speedy grievance resolution and to further improve complaint management standards. In its press release, Irdai said: 'The draft guidelines propose the establishment of an independent and impartial review mechanism within insurers to address unresolved or escalated complaints in a fair, transparent, and time-bound manner. Applicable to all insurers (except reinsurers) with more than three years of operations, the framework mandates the appointment of an internal insurance ombudsman to address complaints involving claims up to Rs 50 lakh.' 'Insurers may also appoint more than one internal insurance ombudsman, with well-defined jurisdiction, to ensure effective coverage and responsiveness,' Irdai added. According to the draft, a person shall be qualified for the appointment of internal insurance ombudsman only if they have served for at least 20 years in the insurance industry and held a post not less than two levels below that of a board director. The person must not be currently working with, or have previously worked with, the insurer or companies in the group to which the insurer belongs. The appointment shall be for a fixed term of three years or until the age of 70, whichever is earlier. The minimum age at the time of appointment shall not be less than 55 years. The ombudsman will report administratively to the managing director or chief executive officer of the insurer and functionally to the board or the Policyholders' Protection and Grievance Redressal and Customer Management (PPGR & CM) Committee. As per the proposed norms, the internal insurance ombudsman will consider complaints that have not been responded to within 30 days of receipt, complaints that have been partly or wholly rejected, and cases in which complainants have preferred an appeal. In each case, the ombudsman must record a 'reasoned decision', which shall be binding on the insurer. Irdai further stated: 'A complainant aggrieved by the decision of the internal insurance ombudsman of an insurer may, within 30 days of the date of receipt of communication of the decision, prefer an appeal before the insurance ombudsman in accordance with the Insurance Ombudsman Rules, 2017.' The guidelines will come into effect within three months of the date of their issuance. All stakeholders have been asked to submit their comments and suggestions on the proposed regulations on or before August 17, 2025.
&w=3840&q=100)

Business Standard
15 minutes ago
- Business Standard
IndusInd Bank to raise Rs 30k cr; promoters get board nomination nod
Private sector lender IndusInd Bank on Wednesday said its board of directors has approved a proposal to raise Rs 30,000 crore through a combination of debt and equity. Additionally, the bank's board has allowed the promoters to nominate up to two directors on the board, subject to approval from the Reserve Bank of India (RBI) and shareholders. In an exchange notification, the bank said the board, with RBI approval, has cleared amendments to the Articles of Association empowering the promoters to collectively nominate up to two directors on the board, classified as non-executive non-independent directors, subject to shareholder approval. Currently, the promoters have no representation on the bank's board. The board comprises non-executive directors only, as both the managing director and chief executive officer (MD & CEO) and the deputy CEO resigned in April, taking responsibility for accounting lapses. The bank's promoter, Ashok Hinduja, had said in March this year—when the bank disclosed discrepancies in its derivative portfolio leading to losses of over Rs 2,000 crore—that the promoters were ready to inject capital if required. However, with the bank's capital adequacy at comfortable levels, he stressed there was no immediate need for additional capital and that the bank had not sought fresh funds. As of March 2025, IndusInd Bank reported a Capital to Risk (Weighted) Assets Ratio (CRAR) of 16.24 per cent, with Tier I at 15.10 per cent and Tier II at 1.14 per cent. In the January–March quarter (Q4FY25), the bank reported a net loss of Rs 2,329 crore after substantially increasing provisions and reversing incorrectly booked revenue and income related to discrepancies in its derivatives and microfinance portfolios. The embattled lender saw its MD & CEO Sumant Kathpalia and Deputy CEO Arun Khurana step down in April, taking responsibility for a Rs 1,960 crore loss on the derivatives portfolio. The board submitted a shortlist of three candidates to the RBI on June 30 and is awaiting approval to appoint a new MD & CEO. Meanwhile, the board approved raising Rs 20,000 crore through debt securities, either via private placement or in permitted foreign currencies, subject to approvals. An additional Rs 10,000 crore will be raised to augment capital through the issuance or placement of securities including American Depository Receipts (ADR), Global Depository Receipts (GDR), Qualified Institutional Placement (QIP), and others. Separately, the bank informed the exchanges that Jayant Deshmukh has ceased to be a non-executive independent director of the bank with effect from the close of working hours on Wednesday, July 23, 2025, upon completion of his tenure.


Indian Express
15 minutes ago
- Indian Express
State releases Housing Policy 2025, targets to build 50 lakh houses in 10 years
In a bid to pursue its vision of 'My House, My Right' by 2030, the state government on Wednesday released a resolution on the Housing Policy 2025, for the implementation of which the government is expecting an investment of Rs 70,000 crore. According to the policy, the government proposes to carry out a comprehensive programme for slum rehabilitation and redevelopment. The specific needs of low-income earners, senior citizens, women, industrial workers and students will be given priority consideration in the policy. As part of the policy, the government proposes to construct 35 lakh houses in five years. Further, the government plans to increase the size of MahaAwas Fund to Rs 20,000 crore. 'The ultimate target is to build 50 lakh houses in the next 10 years…To achieve this ambitious target, existing provisions under the Development Control and Promotion Regulations/Unified Development Control and Promotion Regulations and relevant institutional frameworks will be strengthened and modified as needed. Additionally, active participation from the private sector will be promoted through a range of incentive-based measures,' the policy said. 'The state level portal will soon be developed for providing information on housing development through government private sector partnership, through developers and also through state-run undertakings,' it said. The policy, which focuses on housing for all, aims to be a slum-free state by laying emphasis on economically weaker sections (EWS), lower income group (LIG) and middle income group (MIG) segments of the policy. The policy proposes affordable housing initiatives, redevelopment of old buildings to improve living conditions, optimization of land use and transformation of slums through public-private partnerships. It promotes inclusive housing by capturing resources created by the private market, integrated townships that offer affordable housing with essential services, and industrial workers' housing to ensure proximity to workplaces. Affordable housing has been given infrastructure status. This enables the developers to avail external commercial borrowing (ECB) and foreign direct investment (FDI) for their projects. It is also a sector eligible for priority sector lending (PSL) from banks and HFCs. On the concept of Walk to Work, around 10 per cent to 30 per cent land will be reserved for housing in MIDC (Maharashtra Industrial Development Corporation) areas. Such land should be handed over to the appropriate authority at the applicable acquisition price, so that authority can create adequate housing stock in such areas. The authority can also partner with the private industries to provide housing for industrial workers in a public-private partnership model. The policy proposes to reserve 10per cent to 15per cent of the land suitable for housing projects adjacent to the ambitious infrastructure projects (such as Samruddhi highway, Delhi Mumbai Industrial Corridor). The policy focuses on green building initiatives to promote sustainable development through eco-friendly practices and certifications. To ensure inclusive development, the policy also attempts to address affordable housing for other vulnerable groups such as senior citizens, working women, students, project affected persons (PAPs) and migrant workers. Amid burgeoning challenges due to climate change, the policy advocates construction of resilient housing towards climate change mitigation and adaptation. The policy proposes a slew of incentives including single window clearance, 1 per cent GST, floor space index (FSI) up to 2.5 per cent, commercial use permitted up to 10 per cent of utilised FSI, concession in development changes, waiver of registration and stamp duty charges to the operators, reduced property tax for the first 10 years of operation and 100% deduction on the profit of operating student housing. In case of slum rehabilitation schemes on public land, the slum rehabilitation schemes can be implemented in a joint venture by setting up a special purpose vehicle (SPV) and adopting the Dharavi model of 20:80. For this purpose, the initiative will require the Slum Rehabilitation Authority (SRA) to set up a special purpose company, in which the SRA should hold a 20 per cent stake with voting rights.