HSA Advocates advised National Industrial Corridor Development and Implementation Trust (NICDIT) and National Industrial Corridor Development Corporation (NICDC) on the framework agreements and governing documents, including the State Support Agreement (SSA) and the Shareholders Agreement (SHA) executed by and amongst NICDIT, the Government of Haryana, and the Haryana Airports Development Corporation (HADC), for the establishment of the Integrated Manufacturing Cluster (IMC) at Hisar, Haryana, under the Amritsar-Kolkata Industrial Corridor (AKIC) project. The SSA and SHA between NICDIT, Government of Haryana and HADC, have been signed, which marks a significant milestone for the project.

IMC Hisar, spread across 2,988 acres, is being developed under the AKIC Project near the newly inaugurated Maharaja Agrasen International Airport at Hisar, Haryana. With an investment potential of over ₹32,000 Crore and a project cost of over ₹4,600 Crore, it is expected to generate over 100,000 jobs. Strategically located between the Eastern and Western Dedicated Freight Corridors, IMC Hisar provides connectivity via National Highways, Rail Links, and proximity to major logistics hubs. It is one of the 20 projects currently being developed by NICDC in collaboration with State Governments across India. As part of the AKIC initiative, these clusters will boost regional economic development, support a self-reliant India, and attract both foreign and domestic investments, thereby enhancing India’s competitiveness in global manufacturing.

HSA Advocates advised and assisted NICDIT on the legal, regulatory, and institutional framework, including municipal law provisions, for developing the IMC at Hisar, Haryana. This transaction involved drafting, structuring, negotiating, and finalizing framework agreements to ensure the SPV’s operational and financial autonomy, enabling it to implement the project. The framework agreements included provisions in relation to notification of the project area as an ‘industrial township’, powers in relation to master plan and development plans, delegation of powers of planning authority and/or nomination of SPV to carry out planning and development functions, requirement of additional land, construction and development of the IMC, trunk infrastructure, and strategic projects, future financing and investments, and governance related matters in respect of the SPV. HSA team also advised on the incorporation and drafting of the charter documents of the SPV for this project.

The HSA team comprised Partner Soumya K. De Mallik, Associate Partner Prithviraj Chauhan and Associate Meghana R.