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Noida to Soon Get IKEA Outlet as UP Govt Signs Rs 5,500 Cr Deal, 3 More Centres to Come Up by 2025

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The Uttar Pradesh government on Friday signed a Memorandum of Understanding with Swedish company IKEA, sealing an investment deal of Rs 5,500 crore in the state to generate employment for thousands of people. IKEA will shell out Rs 850 crores for the land purchase, which will accrue Rs 56 crore revenue in the form of stamp duty, in Noida.

The MoU was signed virtually at the CM’s residence in Lucknow in the presence of Chief Minister Yogi Adityanath. “I congratulate both NOIDA authority and IKEA for this historical MoU. I am happy that IKEA is going to invest in one of the most important places of the country. NOIDA, Greater Noida and Yamuna Authority area are the best areas for investment purposes in the whole country. Some of the best proposals are coming to us for investment in the state,” Adityanath said.

The opening of IKEA stores in the state is expected to help farmers, artisans and artists with opportunities.

The Adityanath-government has reportedly allocated 47,833 square meters of land in Noida for IKEA outlet. Starting with Noida, IKEA plans to open at least three major outlets in Purvanchal and Central UP.

The company will start all its outlets by 2025, according to the plan set with the UP government.

IKEA started its first center in Hyderabad at a cost of Rs 700 crore in 2016. It plans to open a total of 25 centers in India by 2025 by investing Rs 10500 crore. About half of them are from UP alone.



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Airline CEOs, Biden Officials Consider Green-Fuel Breaks

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Chief executives of the nation’s largest passenger and cargo airlines met with key Biden administration officials Friday to talk about reducing emissions from airplanes and push incentives for lower-carbon aviation fuels.

The White House said the meeting with climate adviser Gina McCarthy and Transportation Secretary Pete Buttigieg also touched on economic policy and curbing the spread of COVID-19 travel has been a vector for the virus. But industry officials said emissions dominated the discussion.

United Airlines said CEO Scott Kirby asked administration officials to support incentives for sustainable aviation fuel and technology to remove carbon from the atmosphere. In December, United said it invested an undisclosed amount in a carbon-capture company partly owned by Occidental Petroleum.

A United Nations aviation group has concluded that biofuels will remain a tiny source of aviation fuel for several years. Some environmentalists would prefer the Biden administration to impose tougher emissions standards on aircraft rather than create breaks for biofuels.

Biofuels are false solutions that dont decarbonize air travel, said Clare Lakewood, a climate-law official with the Center for Biological Diversity. Real action on aircraft emissions requires phasing out dirty, aging aircraft, maximizing operational efficiencies and funding the rapid development of electrification.

Airplanes account for a small portion of emissions that cause climate change about 2% to 3% but their share has been growing rapidly and is expected to roughly triple by mid-century with the global growth in travel.

The airline trade group says U.S. carriers have more than doubled the fuel efficiency of their fleets since 1978 and plan further reductions in carbon emissions. But the independent International Council on Clean Transportation says passenger traffic is growing nearly four times faster than fuel efficiency, leading to a 33% increase in emissions between 2013 and 2019.

The U.S. accounts for about 23% of aircraft carbon-dioxide emissions, followed by Europe at 19% and China at 13%, the transportation group’s researchers estimated.

The White House said McCarthy, Buttigieg and economic adviser Brian Deese were grateful and optimistic to hear the airline CEOs talk about current and future efforts to combat climate change.

Nicholas Calio, president of the trade group Airlines for America, said the exchange was positive.

Airlines are ready, willing and able partners, and we want to be part of the solution” to climate change, Calio said in a statement. We stand ready to work in partnership with the Biden administration.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor



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