The Government has approved the expansion of the mandate of Delhi Mumbai Industrial Corridor Project Implementation Trust Fund (DMIC-PITF) and re-designated it as National Industrial Corridor Development and Implementation Trust (NICDIT).
NICDIT is an apex body under the administrative control of Department of Industrial Policy and Promotion (DIPP) for coordinated and unified development of the following industrial corridors:
i) Delhi Mumbai Industrial Corridor (DMIC)
ii) Chennai Bengaluru Industrial Corridor (CBIC)
iii) Amritsar Kolkata Industrial Corridor (AKIC)
iv) Bengaluru Mumbai Industrial Corridor (BMIC)
v) Vizag Chennai Industrial Corridor (VCIC).
NICDIT will support project development activities and appraisal, approval and sanction of projects as per extant delegation.
It will also coordinate and monitor all central efforts for the development of Industrial Corridor projects.
Government of India (GoI)’s contribution to NICDIT will be used as a revolving corpus.
Investments into the SPVs by Government of India will be routed through NICDIT so that all debt service payments by SPVs and proceeds from equity disinvestment from SPVs including SPVs developed by Delhi Mumbai Industrial Corridor Development Corporation (DMICDC) by utilizing grants given by GoI can be ploughed back into the corpus enabling NICDIT to support the development of more industrial cities in future.