News Update

A Rs. 83,000 Cr. MoU is signed by UPSIDA for industry investment

• ByStartupStory     |    January 2, 2023

Investor bids for the construction of industrial units in different state districts totaling more than Rs 1 lakh crore have been received by the UP State Industrial Development Authority (UPSIDA). 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. Mayur Maheshwari, CEO of UPSIDA, stated that the state government is making every attempt to turn Uttar Pradesh into a trillion-dollar economy.

To meet the goal, nine teams of UPSIDA senior officials were formed. Meetings with investors and business owners were set up across the state’s 22 districts during the first phase. In order to stimulate investment, MoUs were signed with investors during the seminars.

The establishment of units in the food processing, textile, automotive, private industrial park, warehousing, paper industry, medical sector, biofuel, toy products, data center, IT, and electronics industries, among others, has piqued the interest of the investors.

Maheshwari added that prior to the Global Investors Summit, a team of senior Authority officials will be formed, and investment conferences will also be held in other state districts. Additionally, ongoing attempts are being made to provide as many jobs as possible.

Numerous job possibilities will be created as the MoUs take shape. Among the significant Memorandums of Understanding that have been signed, the establishment of a private park in Ghaziabad with an investment of Rs 10,000 crore, which will result in the employment of about 10,000 people.

Similar to this, a logistics and storage park in Gautam Buddh Nagar being built by the Mobility Infrastructure Group with an investment of Rs 8,000 crore will provide work for roughly 1,000 people.

With an investment of Rs 6,000 crore, Mega Leather Cluster Development (UP) Ltd. will employ nearly two lakh people in Kanpur. With an investment of Rs 9,000 crore, Pratapgarh will gain employment for roughly 50,000 people. By investing Rs 3,000 crore in Sonbhadra, Gold Industrial Pvt. Ltd. will be able to provide employment for roughly 1,000 people.

According to the announcement, Welspun and Logistics Parks Pvt Ltd, investing Rs 2,000 crore in Lucknow, will also create job opportunities. in order to fulfill its profitability target.

 

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