Bayview Projects LLP, backed by filmmaker Boney Kapoor and Bhutani Infra, emerged victorious in the tender to develop the much-anticipated International Film City near Noida, Uttar Pradesh. The announcement came from officials on Tuesday, revealing that Bayview Projects had presented the highest revenue share to the state government, thus winning the greenfield project. The entire venture is structured as a public-private partnership (PPP).
The technical evaluation had shortlisted four companies: Bayview Projects LLP, Lions Films Private Limited of KC Bokadia, Supersonic Technobuild Private Limited of actor Akshay Kumar, and Super Cassettes Industries Private Limited of T-Series.
On Tuesday, the committee of officials from Yeida opened the financial bids, determining that Bayview Projects LLP and Bhutani Group placed the highest bid and promised the government the highest returns at 18%. Lions Films is committed to a return of 15.12%, Supersonic Technobuild at 10.80%, and T-Series at 5.12%, making it the lowest bid against the tender.
In a statement to The Times of India, Kapoor expressed his delight at fulfilling a lifelong dream of owning a film studio. “I always dreamt of having a film studio of my own someday. I have got it now,” he shared.
Kapoor elaborated on his vision during a video conference from Mumbai, stating, “My business partners and I will set up a studio where a filmmaker will come with a script and leave with an entire film.” He also highlighted the added convenience of the Film City project due to its proximity to the Noida airport, located just 6 km away.
Arun Vir Singh, the Chief Executive Officer of Yeida, was quoted by Hindustan Times explaining, “As per the laid down rules, the company that promises the highest gross revenue share will be selected for the project. And Bayview Projects LLP placed the highest bid. Now we will send this for approval to the state government.”
Following the guidelines of the public-private partnership, the proposed bids will be presented before the committee of secretaries and subsequently sent to the state government cabinet for necessary approval. Once the cabinet gives its approval, the highest bidder, Bayview Projects LLP and Bhutani Group, will be awarded the project.
The Film City, spanning 1,000 acres, is designated for both commercial and industrial use, with 220 acres allocated for commercial purposes and 780 acres for industrial development. In its initial phase, the film city will be developed on 230 acres, according to officials.
Having issued a global tender for the Film City project three times, with the last attempt on September 30, 2023, the Yeida received a positive response in the latest round of bidding. The Film City is strategically located near the Jewar airport site in Sector 21.
The detailed project report (DPR) mandates that the developer pay Rs 144 crore as security before commencing work at the site. The high-level committee, led by UP Chief Secretary DS Mishra, approved the DPR, providing the developer with 90 years to complete this ambitious project.
Ashish Bhutani, CEO of Bhutani Group, expressed his excitement to HT, stating, “We are happy to become the selected bidder as we placed the highest bid in the global tender of the Film City. We will start the work at the site right after all procedures are completed and we get the land. We aim to develop the Film City in three years.”
Rajiv Arora, General Manager and CFO of Bayview, Boney Kapoor’s firm, revealed their plans to the portal saying that they will commence work on the site promptly upon the government’s handover of the 230 acres. Arora emphasised that their comprehensive strategy is already in place. The firm is set to invest Rs 1,500 crore in the project, aiming to create a holistic film ecosystem, encompassing artists, technology, and studios. The envisioned Film City will facilitate seamless film production under a single roof once fully developed.
Comments
0 comment