Boney Kapoor-led firm signs concession agreement with YEIDA for Noida Film City

Boney Kapoor-led firm signs concession agreement with YEIDA for Noida Film City/ANI

Asian News International International | June 27, 2024 | 11:50 PM IST | Entertainment, Entertainment Alerts | Follow on Google News

Boney Kapoor-led firm signs concession agreement with YEIDA for Noida Film City

Boney Kapoor-led firm signs concession agreement with YEIDA for Noida Film City

Noida (Uttar Pradesh) [India], June 27 (ANI): Filmmaker Boney Kapoor and Bhutani Group-backed firm Bayview Bhutani Film City Pvt. Ltd. signed a concession agreement with the Yamuna Expressway Industrial Development Authority (YEIDA) on Thursday for the development of Noida International Film City.

Boney Kapoor told the media, “This is the mission of my life to make the international film city.””This is a unique opportunity given to the film industry. We will try to come up with an international film city…,” he added.In January, producer-director Boney Kapoor and real estate developer Bhutani Group bagged the contract to develop the International Film City near the upcoming Noida International Airport in Uttar Pradesh.

Producer-director Boney Kapoor and real estate developer Bhutani Group bagged the contract to develop the International Film City near the upcoming Noida International Airport in Uttar Pradesh.”Financial bids for this project were opened on Tuesday, in which Bayview Projects LLP, the joint venture of Boney Kapoor and Bhutani Group, secured the project by submitting the highest bid with an 18 per cent gross revenue share,” as per a press release from the Chief Minister’s Office. The selection criteria emphasised that, among technically eligible institutions, the one offering the maximum gross revenue share to the authority would be chosen as the successful bidder.

Notably, actor Akshay Kumar was also vying for the project.”During the financial bid process, companies competed based on the percentage of gross revenue share they were willing to offer. Bayview Projects LLP emerged as the successful bidder with a bid of 18 per cent. In comparison, 4 Lions Films Pvt Ltd proposed 15.12 per cent, Supersonic Technobuild Pvt Ltd bid at 10.80 per cent, and Super Cassettes Industries Pvt Ltd put forward a bid of 5.27 per cent,” the release stated.

Arunveer Singh, the CEO of YEIDA, explained that the gross revenue share signifies that the company, after the development of Film City, will contribute 18 per cent of its earnings to the authority. In addition to providing the land, the authority will also offer other necessary infrastructure, while the company is responsible for all the construction and development of facilities within the Film City itself. “The tender has been submitted by Bayview Projects LLP in consortium with 2 other firms. Within the consortium, Bayview Projects LLP holds a 48 per cent stake and is responsible for operational and maintenance tasks.

Parmesh Construction Company Limited, owned by Prem Bhutani and Ashish Bhutani, possesses a 26 per cent share, focusing on financial aspects. The remaining 26 per cent shares belong to Noida Cyberpark Pvt Ltd, which plays a role in providing technical support,” as per the release.As per the PPP Guidelines, the financial bids submitted by the entities will be presented to the Committee of Secretariat along with the recommendation of the PPPBEC Committee.

Upon approval from the Cabinet based on the committee’s recommendation, the successful bidder with the highest bid will receive a Letter of Award.”A presentation was delivered by representatives from the four companies vying for the Yamuna Expressway Industrial Development Authority’s International Film City project on Sunday.

The presentation focused on the vision, concept, timeline, and key highlights. All four companies were deemed technically qualified and proceeded to the financial bidding stage,” the release stated.Boney Kapoor, Ashish Bhutani, CEO Bhutani Infra, Ashwini Chatelain and Ali Chatelain, Rajeev Arora, and Arvind Kumar Bini made a presentation on behalf of BYVE Projects LLP. Apart from this, on behalf of Four Lions Films Pvt Ltd, KC Bokadia gave the presentation. Film actor Akshay Kumar also gave a presentation on behalf of Supersonic Technobuild Pvt.”Uttar Pradesh Chief Minister Yogi Adityanath has issued directives to launch the Film City project within the next 6 months.

The proposed location for the Film City is Sector 21, covering a vast expanse of one thousand acres of land,” the release stated.The initial development phase will focus on 230 acres of land. Yamuna Development Authority officials have specified that the company responsible for constructing the Film City in the first phase will receive priority consideration for the subsequent second phase as well. (ANI)

Asian News International International