Noida, Mar 6 (PTI) The Uttar Pradesh Cabinet has approved a proposal for issuing the Letter of Award (LoA) for development of the proposed International Film City near Noida to Bayview Projects, officials said Wednesday.
Bayview Projects, backed by Bhutani Infra and ace filmmaker Boney Kapoor, had won the concession on January 31 with the offering of 18 per cent revenue share to the state government — the highest among the four bidders.
The ambitious project of the Yogi Adityanath government is estimated to cost Rs 1,510 crore, according to an official document, seen by PTI.
“Among the proposals tabled in front of the UP cabinet was the recommendation for issuing the Letter of Award to Bayview Projects through the Yamuna Expressway Industrial Development Authority (YEIDA) for the construction of phase one of the International Film City which has been approved,” the document stated.
YEIDA’s Additional CEO Shailendra Bhatia said after the cabinet’s nod, the local authority has received a government order regarding the LoA for the project.
“The YEIDA is preparing to issue the Letter of Award soon to the concessionaire of the film city as per the government’s recommendations,” Bhatia told PTI.
In the context of a PPP project, a ‘Letter of Award’ is an official document issued by the public authority or government entity to the private sector bidder or consortium that has won the bid for a specific project.
This letter signifies that the bidder’s proposal has been accepted and they are selected as the preferred bidder to undertake the PPP project.
The film city is envisaged in over 1,000 acres (230 acres in the first phase) of land in Sector 21 of YEIDA along the Yamuna Expressway near Noida.
According to Bayview Projects, the film city will have seven distinct zones, including production and studio space in 60 acres, a film university in 20 acres, factories and craftsmanship area in 15 acres, administrative and creative hub in 10 acres and a film university in 20 acres besides a dedicated zone for entertainment and leisure.
Bhutani Infra, a partner in Bayview Projects, was recently searched by the Income Tax authorities on charges of financial irregularities. PTI KIS AS AS
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