Shakuntalam Landcraft, a real estate firm, plans to invest Rs 1,500 crore to develop an industrial park on a 204-acre plot in Surajpur, Greater Noida, formerly occupied by Daewoo Motors. This project is expected to accommodate over 600 micro, small, and medium-sized enterprises (MSMEs) and create approximately 25,000 jobs. Director Pallavi Gupta revealed that these MSMEs are estimated to generate goods worth Rs 50,000 crore. The plot had a history of failed auctions before Shakuntalam Landcraft’s acquisition, and Gupta acknowledged the government’s and debt recovery tribunal courts’ role in revitalizing the dormant asset after 22 years.
Shakuntalam Landcraft, a real estate company, intends to allocate Rs 1,500 crore for the establishment of an industrial park on the former site of the Daewoo Motors manufacturing plant in Surajpur, Greater Noida. This industrial park is expected to accommodate over 600 micro, small, and medium-sized enterprises (MSMEs). According to a senior company representative, these MSMEs are projected to create approximately 25,000 jobs, both directly and indirectly, in the vicinity.
In an interview with PTI, Pallavi Gupta, the Director of Shakuntalam Landcraft, disclosed that they have acquired 204 acres of industrial land in Surajpur, Greater Noida through an auction, with an investment of approximately Rs 359 crores. Their plan is to transform it into a top-rated industrial park capable of accommodating around 600 MSMEs, with a total investment of about Rs 1,500 crore. She further elaborated that the development of this industrial park is expected to span two years and will feature amenities such as paved roads, underground electricity distribution, a secured campus with gated access, CCTV surveillance, 24/7 security, and other essential maintenance facilities.
She also mentioned that based on initial projections, these 600 MSMEs are expected to generate goods valued at Rs 50,000 crore and create 25,000 jobs, both direct and indirect, within the vicinity.
In the current scenario, MSMEs typically require plots of 400-500 square meters and often cannot afford the various amenities and services provided by an industrial park, she clarified.
Initially, the plot was allocated to DCM Toyota in 1980 and subsequently transferred to the South Korean automotive company Daewoo Motors in 1990. Pan Ind India acquired the plot but faced legal challenges, ultimately losing the case in the Bombay High Court in 2016.
The building and plant & machinery were sold as scrap in 2018. Subsequently, there were 10 unsuccessful attempts to auction this plot before it was eventually purchased by Shakuntalam Landcraft was explained by her. Gupta also highlighted that thanks to the government’s and debt recovery tribunal courts’ efforts, an asset that remained unused for 22 years will now be put to productive use once more.
In conclusion, Shakuntalam Landcraft's ambitious endeavour to transform the former Daewoo Motors manufacturing plant site in Surajpur, Greater Noida into a state-of-the-art industrial park marks a significant milestone in the region's economic development. Moreover, Shakuntalam Landcraft's commitment to providing essential amenities and services to support MSMEs reflects a forward-thinking approach to foster entrepreneurship. This success story is not just a testament to the company's vision but also to the collaborative efforts of the government and debt recovery tribunal courts in ensuring productive utilization of previously dormant assets, setting a positive precedent for future developments in the region.
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