Global Investors Summit: UPSIDA receives investment proposals worth over Rs 1 lakh cr

The UP government stated in a statement released here that memoranda of intent (MoUs) worth Rs 83,000 crore had been inked regarding these investment proposals

PTIUpdated: Saturday, December 31, 2022, 05:10 PM IST
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Global Investors Summit: UPSIDA receives investment proposals worth over Rs 1 lakh cr | Image credit: UPSIDA (Representative)

Investors have submitted proposals to the UP State Industrial Development Authority (UPSIDA) for the construction of industrial facilities in various state districts totaling more than Rs 1 lakh crore.

The UP government stated in a statement released here that memoranda of intent (MoUs) worth Rs 83,000 crore had been inked regarding these investment proposals.

The Global Investors Summit, which will take place in Lucknow from February 10–12, 2023, will see the completion of these MoUs.

Chief Executive Officer (CEO), UPSIDA, Mayur Maheshwari said the state government is making complete efforts to make Uttar Pradesh a trillion-dollar economy. To achieve the target, nine teams of senior officials of UPSIDA were constituted.

In the first phase, meetings were organised with investors and entrepreneurs in 22 districts of the state. MoUs were signed with investors in the seminars to encourage investment.

The investors have shown interest in setting up units in sectors such as food processing, textile, automobile, private industrial park, warehousing, paper industry, medical sector, biofuel, toy products, data centre, IT, electronics, among others.

Maheshwari further said that before the Global Investors Summit, a team of senior officials of the Authority will be constituted and investment conferences will be organized in other districts of the state as well. Along with this, continuous efforts are being made to generate maximum employment.

As the MoUs take shape, numerous employment opportunities will be generated. Among the major MoUs that have been signed, approximately 10,000 people will get employment on setting up of a private park in Ghaziabad with an investment of Rs 10,000 crore.

Similarly, about 1,000 people will get jobs through a logistics and warehouse park in Gautam Buddh Nagar by the Mobility Infrastructure Group with an investment of Rs 8,000 crore.

Mega Leather Cluster Development

The Mega Leather Cluster Development (UP) Ltd will provide employment to about two lakh people in Kanpur with an investment of Rs 6,000 crore.

In Pratapgarh, about 50,000 people will get employment with an investment of Rs 9,000 crore.

Gold Industrial Pvt Ltd's investment of Rs 3,000 crore in Sonbhadra will provide employment for approximately 1,000 people.

Welspun and Logistics Parks Pvt Ltd, with an investment of Rs 2,000 crore, will also create jobs in Lucknow, according to the statement.

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