TPT Global Tech, Inc. Agrees To Form An Exclusive Joint Venture With UM Group of India To Design, Develop and Operate a Multi-Billion Dollar Industrial "Smart City" in Uttar Pradesh

Rhea-AI Summary

TPT Global Tech (OTCQB:TPTW) has partnered with UM Group to create an exclusive joint venture to develop an Industrial "Smart City" in Uttar Pradesh, India. TPT Global Tech is committed to investing up to $100M and will leverage its technological expertise. The project aims to host diverse industries, potentially creating 21,000 direct and 90,000 indirect jobs. The joint venture is set to finalize definitive agreements within three to six months, with initial infrastructure development backed by approximately $48M from UM Group and local government.

Positive

• TPT Global Tech plans to invest up to $100M in the Smart City project.
• The project is expected to create approximately 21,000 direct jobs and 90,000 indirect jobs over the next decade.
• Strategic location with existing infrastructure to support industrial development.

Negative

• None.

SAN DIEGO, CA / ACCESSWIRE / August 9, 2021 / TPT Global Tech, Inc. ("TPTW or TPT Global Tech") (OTCQB:TPTW) www.tptglobaltech.com headquartered in San Diego, California, a technology-based company with divisions providing telecommunications, medical technology, media content for domestic and international syndication as well as technology solutions, today announced it has executed an agreement to form a joint venture ("JV Formation Agreement") with UM Group (a US$ 250 Mn group) in India to jointly design, develop and operate an Industrial "Smart City" located in the State of Uttar Pradesh. The relationship of the parties under this JV Formation Agreement is intended to be exclusive and both parties will ensure that the definitive agreements along with SPV formation are completed within three to six months by which time both parties would have a better understanding of the overall valuation of the Smart City and other government approvals that will be required for the execution of the Smart City. TPT Global Tech responsibilities under the JV Formation Agreement include, among others, its intent to contribute by way of large investment by itself or investors of up to $100M, bring in technology partners and large OEMs from the US and other global markets and support with marketing and business development activities in general. The JV Formation Agreement shall remain valid for a period of five years.

UM Group has acquired a large land parcel of approx. 380-acres at Auraiya in the State of Uttar Pradesh in India. The land parcel is strategically located in an industrial corridor that provides immediate access to freeways, airports, ports, and a railway track extended up to the land parcel, along with access to power supply, water canal and gas supply. UM Group has invested approx. US$ 25 Mn to develop the basic infrastructure in the land parcel. Additionally, the State Government has spent approx. US$ 23 Mn in developing the infrastructure such as power, transportation, water etc. around the land by ensuring reliable access to logistics, power supply, water supply and gas supply facilities.

UM Group is a technology-driven, people-focused, equal opportunity group with operations in India with export operations to major global markets. For over two decades, UM Group has consistently held on to the initial idea of ethical business. The group aspires to explore, innovate, create, deliver and serve to fulfil the demand of the best International brands in their respective fields. With world-class engineering and manufacturing infrastructure, the group focuses on the Automotive, Engineering, Manufacturing, Power, Oil & Gas and Telecom sectors of the economy. International Joint Ventures have brought about an inherent multinational culture on the UM floor, with key collaborative efforts with Magneti Marrelli [Italy] for Auto Components and Technical Resources Est. of Al Bawardy Group in Dubai for Gensets, Tower Lights, Air Compressors, etc in the Middle East & African market. The Flagship Company of the UM Group, Unitech Machines Limited (UML) operates two distinct business divisions - Auto and Engineering with ISO 9001/14001 & TS-16949 Certification.

TPT Global Tech's Chairman & CEO, Stephen J. Thomas III said, "TPT Global Tech and UM Group are discussing the opportunities of joining hands to collaborate and cooperate for investment, design, development, operation and business development of an Industrial "Smart City" at this location in Auraiya in the State of Uttar Pradesh in India. The Industrial "Smart City" is intended to house a wide range of industries such as Aerospace & Defence Industry, Electronics & Information Technology Industry, Telecommunications & 5G Ecosystem Industry, R&D & Innovations Industry, IoT && Cyber Security Industry, Biotechnology Industry and Electric & Future Mobility Industry. Our efforts will start with discussions on developing the basic infrastructure, enabling infrastructure and core infrastructure that will support the various industries. Once the Industrial "Smart City" is ready, we intend to invite large players from various industries to initiate manufacturing, R&D and innovation within its confines."

Mr. Thomas further stated, "Our intent is that TPT will actively work with UM Group to deliver a world-class industrial "Smart City" that supports livability, workability and sustainability. We hope that "Smart City" will drive huge co-investments through these various industries. At TPT Global Tech, we have in-house capabilities across most industries that we have proposed under the pretext of the Industrial "Smart City" and I am eager to bring the latest technology, development and manufacturing to India and deliver such advancements to this project. With UM Group, we intend to discuss jointly developing the Smart City infrastructure and then develop multiple SPVs that will be set up with the respective technology partners and large OEMs. Activities under the JV Formation Agreement, we hope, will benefit in terms of equity and direct business from the additional SPVs formed together with multiple technology partners and large OEMs. This ‘Smart City' initiative is also intended to support and execute the vision of the Quad Leaders, reaffirming ‘The Spirit of the Quad' and its unity in a shared vision for a free and open Indo-Pacific."

UM Group's Chairman, Mr. Verinder Kumar Singh quoted, "UM Group is happy to partner with TPT Global Tech to jointly discuss developing the Industrial Smart City. Our earlier goal was to develop a small cluster focused around a specific industry however now along with TPT Global Tech we intend to have new objectives to develop a comprehensive smart city that will accommodate multiple industries. We are excited and hope that this smart city will give a new objective to the region. We believe3 there are huge economic and social benefits associated with this development. We anticipate multi-billion dollar projects to house themselves within the smart city when it is ready and believe this will create approx. 21,000 direct jobs and approx. 90,000 indirect jobs that will increase perpetually over the next decade."

Mr. Singh further quoted, "The location for the Industrial Smart City has great logistical support in terms of high capacity infrastructure, airports, railway connectivity, port connectivity, water canal, talented human capital from various industries and above all, strong support from the State Government and Central Government. We are proposing a single-window approval for all projects related to the Industrial Smart City including its development that will benefit us and many other partners within the ecosystem of the Industrial Smart City."

Major General John F. Wharton (US Army, Retd.), Member, Board of Advisors of TPT as well as Chairman of its Global Defence Division state, "We are ready with a full-fledged plan to develop Indigenous Technology, Research & Development for SMEs and start-ups. Through the Industrial Smart City, we wish to create an ecosystem across India that will rope in various SMEs and start-ups from across industries. Further, the forward and backward linkages that we plan to create, we believe, will facilitate smooth technology transfer, mass production and attractive buy-back contracts across sectors for India, the US and other global markets."

TPT Global Tech has appointed Khandwala Securities Limited as their financial advisors and investment bankers for promoting the India corporate initiative. Khandwala Securities brings over eight decades of financial advisory and investment banking experience in managing clients across India and global markets. KSL India has been consistently delivering exceptional results to their clients since 1934 in India, the US, Europe, the Middle East, Africa and South-East Asia.

Mr. Paresh J. Khandwala, Chairman & MD, Khandwala Securities Limited quoted, "We take pride in connecting clientele across global markets. We understood the vision and objective of TPT Global Tech's India Corporate initiative and their plan to set up a smart city in India. We are positive that both TPT Global Tech and UM Group will see their objectives and actions resonate with each other while developing the Industrial Smart City along with its technology innovation centres. TPT Global Tech intends to bring investments, technology and global partners to this platform which will take the Industrial Smart City to a global league. We will help both the companies in further developing this smart city and help introduce the right partners and vendors for various requirements who will establish business within the smart city. We believe t will also be a great investment opportunity for large Indian and global families to participate in future fundraisers through a wide range of businesses to be established within the Smart City."

Mr. Harnish Gajjar, Chief Strategy Officer & Country Director (India) for TPT Global Tech, Inc. said, "We believe we have a blueprint ready for the Industrial "Smart City" initiative including its design and development. We have carved out a detailed business model to operate the smart city professionally and profitably while featuring high-grade, high-precision and advanced industries, along with Smart Airports, Smart Hospitals, Smart Transportation, Smart Hotels. Our objective is to become a champion pacesetter promoting strategic capital orientation, major industry upgrades and innovation-based developments in the smart city. Over the next few months, we intend to work jointly with UM Group to discuss the initiation and completion of the various approvals related to the Industrial Smart City project and towards finalising the definitive agreement."

TPT Global Tech has a long-term global plan, a part of which it intends to unfold through this "Smart City" initiative over the next few years.

About TPT Global Tech, Inc.

TPT Global Tech, Inc. based in San Diego, California, is a technology-based company with divisions providing telecommunications, medical technology and product distribution, media content for domestic and international syndication as well as technology solutions. TPT Global Tech offers Software as a Service (SaaS), Technology Platform as a Service (PAAS), and Cloud-based Unified Communication as a Service (UCaaS). It offers carrier-grade performance and support for businesses over its private IP MPLS fiber and wireless network in the United States. TPT's cloud-based UCaaS services allow businesses of any size to enjoy all the latest voice, data, media, and collaboration features in today's global technology markets. TPT Global Tech also operates as a Master Distributor for Nationwide Mobile Virtual Network Operators (MVNO) and Independent Sales Organization (ISO) as a Master Distributor for Pre-Paid Cell phone services, Mobile phones Cell phone Accessories and Global Roaming Cell phones.

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Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of various provisions of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Specifically, statements about the Company's plans for accelerated growth, improved profitability, future business partners, M&A activity, new service offerings, and pursuit of new markets are forward-looking statements. Although the company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Such forward-looking statements should not be construed as fact. The information contained in such statements is beyond the ability of the Company to control, and in many cases, the Company cannot predict what factors would cause results to differ materially from those indicated in such statements. All forward-looking statements in the press release are expressly qualified by these cautionary statements and by reference to the underlying assumptions.

SOURCE: TPT Global Tech, Inc.

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FAQ

What is TPTW's recent joint venture agreement?

TPT Global Tech has formed a joint venture with UM Group to develop an Industrial 'Smart City' in Uttar Pradesh, India.

How much is TPT Global Tech investing in the Smart City project?

TPT Global Tech plans to invest up to $100 million in the Smart City initiative.

What are the projected job creations from the Smart City project?

The project is expected to create around 21,000 direct jobs and approximately 90,000 indirect jobs.

When are the definitive agreements for the partnership expected to be finalized?

The definitive agreements are anticipated to be finalized within three to six months.

What is the significance of the Smart City location?

The Smart City is strategically located with existing access to freeways, airports, ports, and railways.