Karnataka-based Innova Food Park to set up 30-acre agriculture export hub near Noida airport | Noida News

NOIDA: Karnataka-based Innova Food Park will set-up a 30-acre agriculture export hub in Sector 24A of Yamuna City, close to the upcoming Noida International Airport. The facility will be developed as an integrated food park for processing, testing, grading and packaging agricultural produce, including fruits, vegetables and grains, for domestic distribution and international export. Officials said the project will strengthen agri-processing and export infrastructure and is expected to benefit farmers across several districts of western Uttar Pradesh. Ravindra Kumar, principal secretary of the state agriculture department, along with representatives of the company, recently visited Yamuna City to inspect the proposed site. The delegation was shown the plot location and briefed on infrastructure and connectivity in the area, including access to road, rail and air transport, officials said. The proximity to the airport’s cargo terminal will allow direct exports of agricultural produce to international markets. The export hub, headquartered in Kolar district, is part of the ‘Agriculture Growth and Rural Enterprise Ecosystem Strengthening Project’, which is backed by the World Bank and the UP govt. The project received state cabinet approval in July last year after a review by the World Bank. Officials said the project is being funded in a 70:30 ratio by the World Bank and the state govt. It will also be eligible for incentives under the state’s FDI/FCI and Fortune 500 Companies Investment Promotion Policy, 2023. These include a 75% front-end land subsidy, full exemption from stamp duty, a 50% capital subsidy linked to the promoter’s investment, and a two-year exemption from electricity duty. Officials said the incentives will be funded from the state coordination department’s budget.