UP investment roadshow raises Rs 33,000 crore
Promising the best of facilities to industry, Uttar Pradesh chief minister Akhilesh Yadav on Thursday made his maiden investment roadshow in the financial capital here that saw companies committing Rs 33,000 crore investments to the country’s most populous state.business Updated: Sep 13, 2015 18:00 IST
Promising the best of facilities to industry, Uttar Pradesh chief minister Akhilesh Yadav on Thursday made his maiden investment roadshow in the financial capital here that saw companies committing Rs 33,000 crore investments to the country’s most populous state.
Yadav appealed investors to look at the ground situation and not be guided by perceptions that say the state has law and order problems.
“I want to call you to invest in UP and I will be giving all the facilities,” Yadav told an audience comprising key executives from Reliance Industries, Aditya Birla Group, Anil Dhirubhai Ambani Group, RP Goenka group, the Tatas and Adani Group, among others. Yadav said over 40 agreements have been signed as part of the summit, which entail an investment of Rs 33,000 crore and create employment for 150,000 people in the state.
The commitments were led by Japanese electronics major Toshiba Power, which is building a 660-MW thermal power plant at Harduaganj at an investment of Rs 3,500 crore. Others who signed agreements included Korean electronics major LG, Reliance Jio, Idea Cellular, Godrej Agrovet and ITC.
On a sectoral basis, infrastructure had maximum agreements signed, with Rs 13,405 crore, followed by food and agro processing with RS 6,630 crore and manufacturing with Rs 6,150 crore.
Milk cooperative Amul announced an investment of Rs 600 crore. Telecom giant Idea Cellular said it will invest Rs 500 crore and power solutions provider Jackson Power Rs 500 crore.
Yadav assured banks of active cooperation of the state government in recovering bad loans. The banks also promised to positively consider the viable investment proposals from industries in the country’s most populous state.
“There is a general concern among bankers about recovery of NPAs from UP... the chief minister said he has issued strict orders to district authorities to cooperate in bad loan recovery,” Bank of India executive director RP Marathe said.