Business
TPT Global Tech, Inc. Agrees To Form An Exclusive Joint Venture With UM Group of India To Design, Develop and Operate a Multi-Billion Dollar Industrial "Smart City" in Uttar Pradesh
TPT Global Tech, Inc. Agrees To Form An Exclusive Joint Venture With UM Group of India To Design, Develop and Operate a Multi-Billion Dollar Industrial "Smart City" in Uttar Pradesh.
About this update from Tpt Global Tech, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / August 9, 2021 / TPT Global Tech, Inc. ("TPTW or TPT Global Tech") (OTCQB:TPTW) www.tptglobaltech.com headquartered in San Diego, California, a technology-based company with divisions providing telecommunications, medical technology, media content for domestic and international syndication as well as technology solutions, today announced it has executed an agreement to form a joint venture ("JV Formation Agreement") with UM Group (a US$ 250 Mn group) in India to jointly design, develop and operate an Industrial "Smart City" located in the State of Uttar Pradesh. The relationship of the parties under this JV Formation Agreement is intended to be exclusive and both parties will ensure that the definitive agreements along with SPV formation are completed within three to six months by which time both parties would have a better understanding of the overall valuation of the Smart City and other government approvals that will be required for the execution of the Smart City. TPT Global Tech responsibilities under the JV Formation Agreement include, among others, its intent to contribute by way of large investment by itself or investors of up to $100M, bring in technology partners and large OEMs from the US and other global markets and support with marketing and business development activities in general. The JV Formation Agreement shall remain valid for a period of five years.UM Group has acquired a large land parcel of approx. 380-acres at Auraiya in the State of Uttar Pradesh in India. The land parcel is strategically located in an industrial corridor that provides immediate access to freeways, airports, ports, and a railway track extended up to the land parcel, along with access to power supply, water canal and gas supply. UM Group has invested approx. US$ 25 Mn to develop the basic infrastructure in the land parcel. Additionally, the State Government has spent approx. US$ 23 Mn in developing the infrastructure such as power, transportation, water etc. around the land by ensuring reliable access to logistics, power supply, water supply and gas supply facilities.UM Group is a technology-driven, people-focused, equal opportunity group with operations in India with export operations to major global markets. For over two decades, UM Group has consistently held on to the initial ...