UP Investors Summit: India Inc opens wallet, MoUs worth Rs 4.28 lakh crore inked

Mukesh Ambani said India cannot rise without 22 crore people of UP rising. Having invested Rs 20,000 crore in the state through Jio in the past, Ambani said Jio will invest another Rs 10,000 crore in UP over the next three years.

Written by Maulshree Seth , Sandeep Singh | Lucknow | Updated: February 22, 2018 3:17:30 am
Gautam Adani, Mukesh Ambani and Anand Mahindra at the investors’ summit in Lucknow on Wednesday. (Photo by Vishal Srivastav)

The Uttar Pradesh government signed 1,045 Memorandum of Understanding amounting to proposed investments worth Rs 4.28 lakh crore at the UP Investors Summit 2018 in Lucknow. The summit witnessed the presence of India Inc leaders such as Mukesh Ambani, Kumar Mangalam Birla, N Chandrasekaran, Anand Mahindra and Gautam Adani, among others, and they announced investment plans in UP over the next three to five years.

Speaking at the summit, Mukesh Ambani, chairman of Reliance Industries, said India cannot rise without 22 crore people of Uttar Pradesh rising. Having invested Rs 20,000 crore in the state through Jio in the past, Ambani said Jio will invest another Rs 10,000 crore in UP over the next three years. Announcing an investment of Rs 35,000 crore in UP over the next five years, Gautam Adani, chairman of Adani Group, said India’s growth and transformation cannot be separate from that of UP.

Tata Sons chairman N Chandrasekaran announced setting up a new campus for 30,000 people in the state along with opening an IT centre in Varanasi. Aditya Birla Group chairman Kumar Mangalam Birla announced investments of Rs 25,000 crore over the next five years, spread across the group’s multiple businesses in the state, including cement and metal. While Anand Mahindra, chairman of Mahindra Group, did not give any numbers on the quantum of aggregate investment, he said the group will set up an electric vehicle manufacturing plant in UP if the electric two-wheeler sales take off and there is a supportive policy. He also announced setting up a 200-room time-share resort in UP at an investment of Rs 200 crore.

Essel Group chairman Subhash Chandra announced that the group is committed to invest Rs 18,750 crore in UP. While making their commitments, the corporate chiefs praised the Adityanath government in UP and its progress on Ease of Doing business initiatives. Stating that the Prime Minister has a dream to turn Uttar Pradesh into Uttam Pradesh, Ambani said, “Ye bilkul hoga, awashya hoga, aur ye sapna hum sab milkar sakaar karenge (This will happen, definitely happen, and we will together fulfill this dream).”

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