Huge investments coming up in UP: State govt signs MOUs with corporate majors of Singapore & Australia

This investment worth Rs 24,000 Cr could generate 19,500 employment opportunities in UP.

Rashmi SharmaUpdated: Monday, January 16, 2023, 09:40 PM IST
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Maharashtra: Good news for job seekers! Civic bodies to start recruitment for 40,000 vacant posts soon | Pixabay

Lucknow: Corporate majors from Australia and Singapore will invest Rs 24,560 crore in the Data Centre, Logistic Parks and Food Processing sector in Uttar Pradesh.

The Yogi Government of UP has signed memorandum of understanding (MoU) with six big companies of these two countries in this regard. The companies singing MoUs would invest in the Data Centre, Logistic Service, EMS for Smart Device and IOT products, Agro Processing cluster and Food Processing sectors. This investment might generate 19,500 employment opportunities in UP. 

Lucknow Global Investors Summit

It may be mentioned that a delegation of UP government, led by the water resources minister Swatantra Deo Singh and Energy Minister AK Sharma was sent to Australia and Singapore to invite investors for the Global Investors Summit (GIS) scheduled in Lucknow next month. During the visit the delegation had business meetings with the corporate houses of these countries and 15 companies gave investment proposals worth Rs 26,380 crore.  So far six of these companies have signed MoU with the UP Government and remaining nine would complete the process in coming days. According to the officials, the remaining nine MoUs would be signed before the GIS.

The officials of Industrial Development Department of UP informed that of these six companies, Star Consortium Private Limited would invest Rs 1,000 crore each in the Data Centre and Logistic Services. This investment is likely to generate 2,000 employment opportunities.  Global State Capital has signed MoU for investment of 8,260 crore and provide jobs to 500 people. Sign Fuel & Group Companies has agreed to invest Rs 2,000 crore in the EMS for Smart Device and IOT products sector. The Universal Success Private Limited of Singapore has signed MoU for investment of Rs 5,100 crore in Data Centre and Logistic Park that would create 8,500 jobs. Similarly the Marble Rocks VCC has signed MoU for investment of Rs 6,600 crore in the Agro Processing cluster which would create 3,000 employment opportunities. 

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