New Delhi : In a increase to the Akhilesh Yadav government’s industrialization drive, around 20 companies on Thursday assured to spend Rs 35,000 cr in various sectors in UP.
Representatives from 100 companies & 7 countries participated in the 1st UP investor conclave held here. For comparison, about 1,000 companies & 50 countries participated in the Vibrant Gujarat Summit in 2013, the biennial event prepared by the state govt. In 2009, the Gujarat investor summit witnessed investment commitment worth Rs 12 lakh crore.
The Samajwadi Party govt has been experiencing flak over a weak law-and-order situation, in the wake of current rapes. By means of the summit, the chief minister tried to send a positive signal to investors. “The large investment commitment shows the way for the next phase of growth in UP,” Yadav said. “I promise I will fulfill each one of you personally to resolve problems like clearances.”
The largest investment commitment of Rs 20,000 cr came from Essel Group, which signed a memorandum of understanding (MoU) with the state government for setting up urban development, power distribution & solar power projects.
Reliance Jio Infocomm, a subsidiary of Reliance Industries (RIL), finalized a pact for rolling out 4G broadband services for Rs 5,000 crore in the state. Kolkata-headquartered ITC Ltd promised Rs 2,100 crore for setting up projects in multiple sectors; private university Amity signed a pact for establishing an educational complex in Kanpur for Rs 2,000 crore; Fortis Healthcare committed Rs 800 cr for a super-specialty hospital each at Kanpur, Lucknow & Greater Noida; and Sonalika Tractors promised Rs 200 crore investment for setting up a manufacturing facility.
Moreover, River Engineering (Rs 350 crore), Uflex Industries (Rs 4,000 crore), JVL Agro (Rs 2,200 crore), Shree cement (Rs 550 crore), Azure Power (Rs 800 crore), Kribhco (Rs 150 crore), Ultra Fairwood (Rs 220 crore), UP Food and Logistics (Rs 600 crore), Duncan Goenka (Rs 100 crore) and Samprash Food (Rs 60 crore) also signed MoUs.
In inclusion, Yashoda Super Speciality Hospital declared a Rs 2,000-cr expense plan for a medical city.
The state government made a presentation about investment opportunities with special focus on food processing, agriculture, infrastructure & industry, and information technology sectors. After, Chief Secretary Alok Ranjan enlisted the state’s advantages, such as its 200 million populations; natural source availability in the agriculture sector & high farm production “We have produced an allowing policy environment, such as the Infrastructure and Industrial Investment Policy apart from sector-specific policies for solar & handicrafts sectors and single-window clearance,” he said.
The conclave was attended by Amity’s Chairman Emeritus Ashok Chauhan; Reliance Jio chairman Mahendra Nahata; Samsung India Deputy Managing Director Ravinder Zutshi,; HP India Vice President Rajiv Srivastava; Fortis President Daljit Singh; Sonalika Tractors Chairman L D Mittal and Kribhco Managing Director V P Kaushik amid others.
A few corporate leaders providing planned speeches recognized Yadav for providing what they called a hassle-free business environment. The mood amid the audience, however, was one of caution. “The list of sectors where investment has been dedicated today – health, education or alternate energy –are basic economic areas where investment will come in any way. Why are there no investors from core sectors like auto?” said an executive who did not wish to be estimated.
After the CM’s closed-door meetings with specific companies, state secretaries from throughout departments engaged on one-on-one interactions with firms from different sectors while in the conclave. Related events will be organized by UP in Mumbai later this year & in Agra next year.
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