Over 80 projects worth Rs 52k cr ready for ground breaking in UP: Official

Lucknow: More than 80 large projects entailing investment of around Rs 52,000 crore are ready for ground breaking in Uttar Pradesh on the back of regular follow up of industrial proposals signed during the investors' summit in February, a top official said today.

The state had organised UP Investors Summit 2018 in February this year in which 1,045 memoranda of understanding (MoUs) worth Rs 4.28 lakh crore were signed.

"As a result of continuous communication with investors and pursuance of MoUs implementation status after the investors summit, the state is on the verge of ground breaking of investments of around Rs 52,000 crore in the first stage," Infrastructure and Industrial Development Commissioner (IIDC) Anoop Chandra Pandey said. 

"Over 80 large projects are ready for ground breaking at state level, for which a formal ceremony will be held soon," he said during a meeting to review progress of MoUs yesterday evening 

Now the state government is in the process of ground breaking of these investment leads.

At the meeting, Industry Minister Satish Mahana said, "Unlike previous governments, when MoUs were signed and forgotten, now entrepreneurs firmly believe that under the Chief Minister Yogi Adityanath, our government is serious about industrialisation and has adopted a proactive approach to make UP the most preferred state for investment." 

"There is going to be more investment in UP in one year than it received in last 15 years", he claimed.

During the discussions with investors, IIDC issued directions to all related departments to issue Provisional Letters of Comfort (LoCs) to MoU signee investors as a mark of assurance on governments intent of handholding and incentivising them to implement their projects with ease and in timely manner.

Senior officials of around 50 companies from across sectors attended the dialogue at the highest level yesterday.

Compaines like Tata Consultancy Services, Paytm, ACC Cement, Tegna Electronics, Metro Cash and Carry, Berger Paints, Greenply Industries, PTC Industries, Kanodia Group, Paswara Paper, DCM Shriram, B L Agro Industries, Goldie Masale, Tikaula Sugar Mills, Yash Papers, C P Milk & Food Products, Sukhbir Agro Energy, HPCL, GAIL, SLMG Beverages, attended the meet.

These companies have proposed investment in a range of sectors like cement, food processing, paper, textile, IT, electronics manufacturing, renewable energy, power, dairy, etc.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.