SPV Bihar Integrated Manufacturing City Gaya Limited (BIMCGL) Incorporated — 6 January 2025

What Was Decided

On 6 January 2025, the Government of Bihar and the Government of India, acting through NICDIT, formally incorporated Bihar Integrated Manufacturing City Gaya Limited (BIMCGL) as the Special Purpose Vehicle to implement and manage the Gaya IMC project. Bihar Integrated Manufacturing City Gaya Limited (BIMCGL) has been incorporated on 6th January 2025 as SPV (Special Purpose Vehicle) to implement IMC Project and the SPV is headed by Chief Executive Officer & Managing Director.

The SPV's board was structured as a joint Centre-state body: This board comprises six directors -- three representing the state government and three from the central government. Day-to-day leadership was placed with the state's existing industrial-land agency chief: Kundan Kumar, the Managing Director of Bihar Industrial Area Development Authority (BIADA), will also serve as the CEO & MD of BIMCGL.

Operative Details: Site, Area and Cost

The decision covers a defined, single parcel: Integrated Manufacturing Cluster (IMC) Gaya project site is spread over 1670 acre which is situated in Dobhi block, (Sherghati sub division) Gaya. Land is under possession of the State Govt.

Cost and financing figures attached to the project: The IMC project spanning over 1670 acres of land in Dobhi block of Sherghati sub-division of Gaya district will be developed at a cost of Rs 1339 crore including land cost of Rs 462.14 crore. On the demand side, the project aims to attract ₹16,524 crore investments and generate over 109,000 jobs upon completion.

Target sectors named in official material include building materials, agri-food processing, leather goods, garments, furniture, handloom, handicrafts, engineering, fabrications, and medical equipment.

Approvals That Preceded the SPV

The SPV incorporation followed a sequence of central clearances. The Cabinet Committee on Economic Affairs (CCEA) gave its approval to the project on August 28, 2024 while the environmental clearance was granted by Ministry of Environment and Forest and Climate Change on March 18, 2025.

Ahead of incorporation, the state and central sides signed the two founding agreements: Shareholder Agreement (SHA) between BIADA, and NICDIT for IMC Gaya executed on 12th November, 2024. State Support Agreement (SSA) between State Govt of Bihar, BIADA, and NICDIT for IMC Gaya executed on 12th November, 2024.

Post-Incorporation Notifications

Following the 6 January 2025 incorporation, the state government issued two further notifications to operationalise the project: The state government notified it as the industrial area besides giving stamp duty waiver in March 2025.

The state cabinet also cleared a specific external-connectivity road tied to the site: The state cabinet had on May 16, 2025 approved a green field alignment of approximately 7 km connecting the site (External Connectivity-E3) with Golden Quadrilateral (NH-19, GT Road) at an estimated cost of Rs 142 crore.

Practical Effect of the Decision

The stated purpose of forming BIMCGL was to move the project from planning to execution. The government's own framing at the time was direct: Incorporated on January 6, 2025, this move marks a crucial step in clearing the deck for immediate construction and accelerating the project's timeline.

Practically, BIMCGL is the single legal entity that now holds land, receives matching equity from NICDIT against state land contribution, appoints consultants and contractors, and signs works and management contracts for the site — rather than these functions sitting with BIADA or the state Industries Department directly.

Status as of July 2026

Land transfer and equity infusion to the SPV have progressed in tranches: a Special Purpose Vehicle – Bihar Integrated Manufacturing City Gaya Limited (BIMCGL) was formed, and 414-acre land transferred by State govt. to Project SPV and matching equity amounting to Rs. 132.22 Crore has been released by NICDIT to Project SPV.

Programme-management and construction milestones under BIMCGL since incorporation: LoA issued by SPV for Programme Manager for New Cities (PMNC) on 28th July, 2025. Project reviewed by Hon'ble PM during the 49th Pragati Meeting on 24th September 2025. The EPC (trunk infrastructure) contract has since been awarded: EPC tender 2nd call floated on 16th Oct, 2025 and LoA issued by SPV on 11th Feb'2026 to M/s NKC Projects Pvt. Ltd. Kick-off meeting with EPC contractor was held on 25th Feb'2026.

Note: land-transfer and equity figures above are drawn from NICDC's project-monitoring reports and may be updated in later filings; readers should treat these as point-in-time figures rather than final totals.