The Authority on Tuesday said it has issued Letter of Intent (LoI) to New Holland that wished to set up a manufacturing unit near Noida International airport with plans to invest around ₹5,000 crore.

“Many companies have expressed keen interest in investing near the upcoming Noida International Airport. On Monday, New Holland submitted a proposal seeking 100 acres of land to establish its new unit in the region. The company plans to invest around ₹5,000 crore, which is expected to generate thousands of direct and indirect employment opportunities for local youth,” said Yeida’s chief executive officer RK Singh.

The proposal has been forwarded to Invest UP, the investment facilitation agency of the UP government, for approval. Once the state government clears the proposal, the formal land allotment process will begin, said officials.

Notably, New Holland already operates a manufacturing plant in Greater Noida, and its new facility in Yeida area is expected to further boost its presence in India’s fast-growing farm equipment market.