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UPDC sops to stop industry exodus

IN ORDER to stop migration of industrial units with investment of Rs 50 crore and above to Uttaranchal, the Uttar Pradesh Development Council (UPDC) today decided to offer interest free loans and 100 per cent subsidy to such entrepreneurs in the state.

india Updated: May 13, 2006 01:27 IST

Interest-free loan, 100 pc subsidy on the cards

IN ORDER to stop migration of industrial units with investment of Rs 50 crore and above to Uttaranchal, the Uttar Pradesh Development Council (UPDC) today decided to offer interest free loans and 100 per cent subsidy to such entrepreneurs in the state.

There are plans to provide other investment facilities also to these units. Chief Minister Mulayam Singh Yadav attended the council meeting.

Addressing newsmen on Friday after the meeting, UPDC chairman Amar Singh said a committee headed by the chief secretary would chalk out modalities in this connection. Referring to 600-MW prestigious Roja power plant to be established by the Kumaramangalam Birla group, Singh said the government had cleared all pending issues and the ball was in Birla’s court. Singh said the state was proud of Birlas investment in the state. “Birla hamare sar ka taj hain,” he said. Kumaramangalam Birla, who was also present at the meeting, said a final decision about the project would be taken within two weeks.

He said the UPDC had helped in expediting the clearance for Rs 2500 crore power project and a “final decision would be taken soon”. Amitabh Bachchan, who also attended the council meeting, said he would make all-out efforts to promote shooting of films in the state. Bachchan said his family was also committed to development of film in Uttar Pradesh.

Amar Singh said the chief secretary would also work out a plan for industrial and service sector investment policy and take the proposal to the Cabinet.

Similarly, the UPDC has suggested formation of a ministerial committee to review tax rates of various items in the State. The council has also proposed to convert Dadri into Greater Noida-II where Anil Ambani group has planned to establish a gas-based power plant.

Singh said other big investors, like the Birlas and Gujarat Ambuja, had expressed desire to establish industrial units in UP.

Singh said the Sahara group had decided to set up 50 townships in small places in Uttar Pradesh under its hi-tech and integrated township plan.

Sahara chief Subrata Roy said these townships would be established on 100 acre land each. Roy said the group had also moved into the medical sector.

On revival of PICUP, Amar Singh said the council had planned for a tripartite agreement between the state government, PICUP and SIDBI for this purpose.

Singh said the sugar sector had registered massive growth in the state and now there was proposal for Rs 5000 crore investment in this sector. About long pending Anapara-C power project, Singh said bids would open on May 22.