Headquartered in San Diego, California, a Technology-based company giving telecommunications, medical and media content, TPT Global Tech (OTCMKTS:TPTW), on August 9, 2021, announced the execution of an agreement for forming a joint venture with UM Group in India for jointly designing, developing and operating Industrial “Smart City” in the state of UP.
Under the agreement, the parties will be exclusive as well as both parties ensure that definitive agreements are done in 3-6 months, which would ensure both parties have a good understanding of the Smart City.
Under the JV Formulation Agreement, TPT Global Tech would be contributing by way of large investment of up to $100M, bringing in technology partners and large OEMs from the US as well as other global markets. This agreement will be valid for five years.
UM Group has done the acquisition of a large land parcel of 380-acres at Auraiya in Uttar Pradesh. Located in an industrial corridor providing access to airports, ports, as well as railway track extending land parcels, UM Group has done investments of US$ 25 Mnfor developing basic infrastructure.
TPT Global Tech’s Chairman & CEO, Stephen J. Thomas III said that UM Group and TPT Global Tech are discussing ways to collaborate on investments, design, development, and business development of an Industrial “Smart City”. UM Group’s Chairman, Mr. Verinder Kumar Singh said that UM Group partnering with TPT Global Tech will ensure developing a comprehensive smart city accommodating a number of industries. Singh said that there are significant social and economic benefits of this and hopes to have multi-billion dollar projects for housing creating 21,000 direct jobs and 90,000 indirect jobs in the next decade.