AIPMA sets up Plastic Park in Auraiya, UP

AIPMA continues it endeavours to develop Plastic Parks all across the country. AIPMA President R K Agarwal, Past President Yogesh Shah, Senior Vice President Sanju Desai, Vice President North L K Singh, Principal advisor Deepak Ballani visited UPSIDC in Lucknow and met their CMD Manoj Singh, along with his team and formally signed the agreement for setting up a Plastic Park in Auraiya, UP. The location of this 200 acre AIPMA Plastic Park is excellent and about 4.5 hours’ drive from Delhi and 1.5 hours from Kanpur, an l in close proximity to GAIL plant at Pata. UPSIDC has set up the Plastic Park under a company, UP State Plastic City Development Corporation Ltd., with AIPMA president, and vice president North, as directors, along with UPSIDC executives. A committee for allotting plots has been set up with AIPMA directors. The construction will be done by UPSIDC, in consultation with AIPMA. The park will be managed by AIPMA, under the corporation set up. AIPMA has negotiated excellent facilities for the investors. The following facilities are understood to be granted to the investors. The land investors in the Auraiya Plastic Park, under UP Plastic City Development Corporation Ltd., may be able to avail of the following facilities 1. 7% interest subsidy on loans for 10 years. 2. Interest free loans for 10 years. 3. A Loan moratorium of 7 years. 4. Exemption from Entry tax on Raw material for 15 years. 5. VAT exemption for 15 years. 6. Total stamp duty exemption on purchase of land. 7. Land transfer allowed. 8. Land sub division allowed. 9. No tax on captive power generation. 10. No duty on electricity bills. 11. GAIL will offer Rs 2 per Kg rebate on raw material. 12. Government will arrange rate contract with any UP Govt and any public sector co. in UP, for sale of any product, produced in the company, as specified in agreement. The land will be available at Rs. 1595/- per sq. mt. The soft payment terms will be 5% of the total cost + Rs. 50/- per sq. mt.to be deposited along with application. 10% of the total cost is deposited within 30 days of allotment. Remaining 85% of the cost is payable in 8 half- yearly instalments along with 11% simple interest calculated half yearly on the balance remaining cost from time to time. A 3% penalty on non-timely payments. A Two years initial moratorium may also be allowed on premium payment. AIPMA has already set up a Plastic Park in Dahej, Gujrat, which is operational, and some units have commenced production. AIPMA is in advance of finalising Plastic Parks in Harayana, Rajasthan, MP, Chhattisgarh, Maharashtra, etc.