His Excellency Mr Kenji Hiramatsu, Ambassador Extraordinary and Plenipotentiary of Japan to India made a scheduled visit to the Model Economic Township (MET) Project site on the 7th March 2016 immediately after having addressed the gathering at the Inaugural Ceremony of the Global Investors Summit 2016 of “Happening Haryana” event.
Model Economic Township signs 2 MoUs with Haryana government; expects an employment generation of 20,000
KMP Expressway – The Kundli to Manesar Section is re-planned as 6-lanes instead of earlier 4 lanes and scheduled to be completed by August 2018 by the new consultant M/s Essel Infraprojects Limited.
MET has started planning first landmark commercial building in Jhajjar Haryana with world class ambience comprising a space for hotel, restaurants, retail shops and office spaces.
Model Economic Township offers enormous opportunity for developers to participate in this large scale development and create value for themselves offered by the development of this mega sized state of art industrial and support infrastructure.
A consortium consisting of Mizuho Bank, Ltd. (Nobuhide Hayashi, President and CEO) and Marubeni Corporation (Fumiya Kokubu, President and CEO) has been selected as the successful bidder in METI’s public solicitation of bids for a project to survey the feasibility for infrastructure system overseas development (this relates to a smart community development plan in the Jhajjar district of Haryana state in India, and is referred to as the “feasibility study” below)
The feasibility study’s purpose is to employ Japan’s technical know-how to promote export of infrastructure systems to build “smart communities”, especially in the industrial park development area. The Japanese government has presented the Strategy of Global Outreach as one of the major pillars of its Japan Revitalization Strategy. Therefore METI, in its quest to promote Japan’s growth and revitalization by securing global infrastructure contracts including in emerging markets, is promoting studies to gauge the feasibility of overseas infrastructure system projects. The Jhajjar, Haryana feasibility study is one example of this.
The smart community development plan, which is the subject of the feasibility study, concerns development of the industrial zone, commercial facilities and housing in Jhajjar centering around MET project, undertaken by Model Economic Township Limited (METL) a 100% subsidiary of One of India’s largest business group, Reliance Industries Limited. This district is adjoining Gurgaon, a city on the outskirts of the Greater Delhi area where many Japanese company employees are staying. The MET area in Jhajjar district has also been designated as a proposed site for a Japanese industrial zone to be jointly developed by the Japanese and Indian governments.
Mizuho Bank will be responsible for the feasibility study’s overall planning and management. It will cooperate with private Japanese companies including Marubeni and domestic and foreign business consultants to collect basic information relating to land, current infrastructure for power as well as water & sewage and roads, and future necessary infrastructure development. It will also inspect business development plan documents submitted by MET and analyze the feasibility of investments planned by private Japanese companies.
Following its investment participation in the “Integrated Township Project with Eco-Friendly Infrastructure” in the periphery of Chennai, India and its implementation of a consigned feasibility survey for Myanmar’s Thilawa SEZ development project, Mizuho has become aggressively involved in the financing of overall development projects. Utilizing the planning, development, promotion and management expertise and experience built up through its involvement in urban development projects from the development stage or as an investor, it is formulating new types of financing structures and expanding business to other emerging markets. Additionally, through creating Japan-originated urban development projects, Mizuho aims to support Japanese firms’ growth strategies through its financing role.