The UP Electronics Corporation (an Uttar Pradesh government undertaking) has engaged Dhir & Dhir and Ernst & Young to prepare model documents for the development of a 100-acre IT park. The development, which will cost approximately US$300 million, will be done on a design-build-finance-operate-transfer basis.
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The two advisers were selected through a competitive bidding process.
This is thought to be the first initiative by a state government in India to create a framework for such a project.
Santosh Panday, an associate partner at Dhir & Dhir, led the firm’s team in helping prepare the model documents for the developer and consultant as well as the guidelines to develop the project. Dhir & Dhir senior associate Meghna Rao assisted on the matter. Adil Zaidi, an associate director, and Amit Goel, an associate in the transaction advisory services group at Ernst & Young, were the other advisers.
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