HUDCO and YEIDA sign pact for long-term financial assistance

22 Aug 2024 , 11:21 AM

On Wednesday (August 21), the state-owned Housing and Urban Development Corporation (HUDCO) announced the signing of a Memorandum of Understanding (MoU) with the Yamuna Motorway Industrial Development Authority (YEIDA), a government of Uttar Pradesh initiative, in New Delhi.

The MoU is a collaboration to provide long-term financial assistance in the form of loans to YEIDA’s various projects on both sides of the Yamuna Motorway, as well as to provide a comprehensive range of fee-based consultancy services from concept to commissioning in identified sectors and Project Management Consultancy Services from project conceptualisation to completion, at mutually agreed terms, according to HUDCO in a regulatory filing.

According to the statement, the cooperation intends to provide long-term financial assistance to YEIDA’s various initiatives along the Yamuna Motorway.

HUDCO will also provide a full spectrum of fee-based consultant services, from project concept to commissioning, as well as project management consultancy services from conceptualisation to completion, on mutually agreed-upon conditions.

The MoU was signed by Sanjay Kulshrestha, CMD of HUDCO, and Arun Vir Singh, CEO of YEIDA, in the presence of top officials from both companies.

At around 11.00 AM, HUDCO was trading 1.44% higher at ₹289.25, against the previous close of ₹285.15 on NSE. The counter touched an intraday high and low of ₹291.50, and ₹286.25, respectively.

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