Ahead of Investors’ Summit, Prayagraj achieves over 200% of investment target
With the inking of memoranda of understanding (MoUs) for a total investment of ₹37,512 crore so far, Prayagraj region has created a record in the state by achieving 200% of the total investment target set for the current fiscal against a target of ₹16,000 crore, said officials aware of the matter
With the inking of memoranda of understanding (MoUs) for a total investment of ₹37,512 crore so far, Prayagraj region has created a record in the state by achieving 200% of the total investment target set for the current fiscal against a target of ₹16,000 crore, said officials aware of the matter. This has been possible due to the assiduous efforts being made by the state government in this direction.
For the Investors’ Summit to be held in Lucknow in February next year, a target of ₹16,000 crore investment had been set by the government for Prayagraj in which ₹1,000 crore was for micro, small and medium industries and ₹15,000 crore for large scale industries. The target was to be met before the 2023 Investors’ Summit.
Uttar Pradesh State Industrial Development Authority (UPCIDA), Prayagraj, regional manager Pradeep Kumar Satyarthi said the largest share in this investment is of ₹22,500 crores of Avaada Ventures Pvt Ltd—a Mumbai-based company.
“Avaada has signed an MoU with UPCIDA to manufacture green fertiliser in Prayagraj. They have sought 50-acre land in trans-Yamuna area for it. The venture promises to provide jobs to 1500 people,” he added. Besides, there is a proposal of ₹9,500 crore for setting up an industrial park in Pratapgarh.
“Similarly, an MoU worth ₹3,000 crore has been signed for setting up a Portland cement factory in Sonbhadra which falls in Prayagraj industrial area. An MoU worth ₹1,052 crore has been signed by Varun Beverages to set up a Pepsi plant at Saraswati Hi-Tech City in Prayagraj,” he added.
“Another pact has been signed for investment of ₹400 crore for JK Cement’s factory in Saraswati Hitech City of Prayagraj and ₹100 crore for building a data centre here as well,” the official said.
Agreements for ₹1,000 crore for a Pepsi’s bottling plant, ₹1,000 crore for Amazon’s warehouse, ₹155 crore for data centre in Prayagraj’s Saraswati Hitech City too have been penned. “Apart from this, an agreement has been signed to invest ₹400 crore in Bara area of the district on behalf of a cement company,” he said.
For investment in micro, small and medium industries in Prayagraj, the department had received rapid proposals from entrepreneurs for investment in the initial phase. Prayagraj’s joint commissioner, industries, Laljit Singh said till now the target of investment in micro, small and medium industries in the district had been kept at ₹1,000 crore.
“The entrepreneurs have entered into agreements to invest ₹311 crore with the department. This investment is in the form of a proposal for the construction of a cancer hospital in Rawatpur-Jhalwa area of the city at a cost of ₹50 crore, for the construction of an international school in Rawatpur itself at a cost of ₹50 crore and a university at a cost of ₹40 crore,” he added.
Apart from two new hotels, Neeva has come forward to set up a food and spice unit at Umarpur and a mineral water bottling plant at Durjanpur. But these investments that came in the department have now been transferred to tourism and other departments due to which only ₹105 crore investment is left in the department’s share, which entrepreneurs are being motivated to increase.