Bated breath, fingers crossed, investors wait for poll results | india | Hindustan Times
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Bated breath, fingers crossed, investors wait for poll results

A sense of uncertainty fuelled by high voter turnout is giving the jitters to companies that have invested or are preparing to invest in Uttar Pradesh. Fears of the next government overturning policies or scrapping deals signed by the present government loom large.

india Updated: Mar 02, 2012 00:19 IST
Brajendra K Parashar

A sense of uncertainty fuelled by high voter turnout is giving the jitters to companies that have invested or are preparing to invest in Uttar Pradesh. Fears of the next government overturning policies or scrapping deals signed by the present government loom large.

"Many companies are coming to us with their apprehensions. We are telling them not to worry as long as their deals are fair," said a senior official in the UP Power Corporation Ltd.

DS Verma, executive director, Indian Industries Association (Lucknow), said industry was anxiously looking for a new dispensation. "Irrespective of the party that comes to power, we are looking for an industry-friendly government - something which has not happened in the state for a long time," he said.

Industrialist Mukesh Ambani's Reliance Fresh had not been allowed to open its retail outlets in the state. Likewise, Reliance Energy Ltd's (owned by Anil Ambani) Dadri power plant is also stuck. "Depending on the Supreme Court judgment, the Dadri plant may see the light of the day in one form or other if the Samajwai Party (SP) comes to power as the party's prestige is also attached to the project," said a senior bureaucrat.

Jaypee Associates, which has the highest stake in the state, would also be keenly watching out for the March 6 outcome. While the Yamuna Expressway project is almost ready, its other projects are either halfway or are waiting for a kickstart.

Shimnit Utsch Pvt Ltd that had bagged the contract for high security registration plates for vehicles may be even more worried, as a change of guard may mean a relook at the controversial project that was finalised only last week.