In a significant move for the Indian film industry, filmmaker Boney Kapoor and Bhutani Infra-backed firm Bayview Projects signed a concession agreement with the Yamuna Expressway Industrial Development Authority (YEIDA) yesterday for the development of Noida International Film City, PTI has reported.

The agreement was signed by Kapoor and Ashish Bhutani of Bhutani Group in the presence of YEIDA CEO Arun Vir Singh and Additional CEO Shailendra Bhatia at the authority’s office in Greater Noida, which is on the outskirts of New Delhi.

This development follows Bayview Projects’ successful bid on January 31, where they offered an 18 percent revenue share to the Uttar Pradesh government, the highest among four contenders.

“We are thrilled to embark on this ambitious project, which promises to transform Noida into a major hub for film production and entertainment,” said Boney Kapoor, “Our partnership with YEIDA marks a new chapter in the Indian film industry’s growth and expansion.”

The Noida International Film City is expected to bolster the region’s infrastructure and provide a state-of-the-art facility for filmmakers, offering a range of services from pre-production to post-production. This initiative aligns with the Uttar Pradesh government’s vision to boost the state’s economy and create job opportunities through the entertainment sector.

YEIDA CEO Singh expressed confidence in the project’s potential to attract significant investments and boost the local economy. “The Noida International Film City is poised to become a landmark destination for the global film industry,” he said. “We are committed to providing all necessary support to ensure the project’s success.”