UP Global Investors Summit: LuLu group to set up food processing units, more malls in Uttar Pradesh
Investors from partner countries at UP Global Investors Summit said there has been a change in mindset about investing in Uttar Pradesh
Investors and decision makers from partner countries participating in the U.P. Global Investors Summit at Lucknow on Saturday said there has been a mindset change about investing in Uttar Pradesh.
They said Prime Minister Narendra Modi lifting various restrictions on investment and chief minister Yogi Adityanath’s “model of governance” has driven the change.
MA Yusuff Ali, the United Arab Emirates-based chairman of LuLu group, while announcing ₹6000 crore investment in the state, said previously there were problems for investors.
“The lifting of various restrictions on investment by NRIs by Prime Minister Narendra Modi has brought about a tremendous change. Now, NRI investment is to be treated as domestic investment. This is a big change as now NRIs and PIOs can invest in India without any problem,” said Ali.
He also said that Yogi Adityanath’s “model of governance” is being liked globally and also a key factor in the changing approach of investors.
“I already have a LuLu Mall set up in Lucknow and my next project are malls in Gorakhpur, Prayagraj and Varanasi. I am also setting up food processing plant in Noida. I would be acquiring 100 acres of land in Jhansi for a new food processing unit there. I have decided to make an overall investment of ₹50,000 crore,” he said in the presence of Bin Ali Al Sayegh, the minister of state to the UAE cabinet, and Thani bin Ahmed Al Zeyoudi, the UAE minister of state for foreign trade.
“This is just the beginning as many investors, taking advantage of the investor-friendly environment under Yogi government 2.0, would now be coming to UP to invest,” the UAE ministers said.
“Apart from LuLu group, the Elana Group too has announced investment of ₹1000 crore in the food processing sector. The LuLu group has also agreed to allow sale of products made by women SHGs from its malls,” said Uttar Pradesh’s MSME minister Rakesh Sachan, who had led a government delegation to the UAE for inviting investment to the state.
“I would like to point out the support we received from the U.P. government in setting up Mapei’s third factory in India at Kosi, Mathura. The support we received from the U.P. State Industrial Development Authority was exemplary. Land acquisition was done in October 2020 and I must tell you that no matter what problem we faced, it was solved not in days but in a day by the Yogi Adityanath government,” said Sanjay Bhalla, the CEO of Maipei India at the other partner country session on Italy and which was moderated by additional chief secretary Navneet Sehgal.
“I must tell you that the relations between U.P. and Italy will now move forward at the speed of a bullet train,” said Italy embassy’s trade commissioner Alessandro Liberatori.
“The new investor friendly policies brought by Yogi Adityanath government would obviously help tap unlimited possibilities in trade. Italian industry will play a role in U.P. emerging as new hub of industry,” he added.
Along with other sectors, he said Italy would help U.P. emulate the recycle concept as Italy recycles more than 79% of its urban waste.
Navneet Sehgal spoke in detail of the ties between Italy and India and identified areas where Italy could invest.
The others who spoke on similar lines included Mrinalini Ganesh, head, FDI Unit, ITA Mumbai, Gautam Bhansali, head of India and South Asia, Cess Italian Export Credit Agency, Sanjay Bhalla, CEO of Mapei India, Enel Green Power India Pvt. Ltd. Sandy Khera, country manager and CEO Enel Green Power India Limited and Ajay Lohia, director, Threads India.