The Government of Uttar Pradesh (UP) has received investment offers worth Rs. 76,867 crore from across India and signed 79 Memorandums of Understanding (MoUs) ahead of the Uttar Pradesh Global Investors Summit (UPGIS) 2023.
- UPGIS 2023 is the flagship investment summit of the Government of Uttar Pradesh and it is set to take place in Lucknow (UP) from February 10 to 12, 2023.
Backdrop
- The proposals and MoUs were signed during the Lucknow Roadshow held on the initiative of Nand Gopal Gupta Nandi, Minister of Industrial Development, UP.
- The UP government intends to develop the state into a USD 1 trillion economy.
Key Points:
i. Investors from various Indian states made bids for large investments at the Lucknow Roadshow. The investors include
- City Gold Corporation signed MoUs worth Rs. 26,000 crore to establish cement and ethanol projects in UP.
- Nexon Energia has signed a MoU for Rs. 15,000 crore to develop a green energy facility in UP.
- Sanjay Singhania of Haldiram Group inked an MoU for Rs 1,310 crore.
- Kamlesh Jain of Varun Beverages inked an MoU worth Rs 3,400 crore.
- ML Jaiswal of the DS Group inked an MoU worth Rs. 3,000 crore.
- Nidan Diagnostic Center signed an MoU worth Rs. 750 crore.
- Dharampal Satyapal signed an MoU worth Rs 900 crore.
- Kent RO System has inked an MoU worth Rs 500 crore.
ii.In addition, almost four dozen online and offline MoUs worth Rs. 50 crore- Rs. 500 crore were signed.
iii.At the roadshow, investors from Delhi, Bengaluru, Noida, Meerut, Ghaziabad, Odisha, Kanpur, Shamli, Lucknow, Chhatarpur, and Mumbai signed MoUs both online and offline.
REC Inks 3 Strategic MoUs in Backdrop of MP Global Investors Summit 2023
REC Limited (formerly Rural Electrification Corporation Limited), a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Power, signed strategic MoUs in the backdrop of the “Invest Madhya Pradesh Global Investors Summit 2023.”
Invest Madhya Pradesh Global Investors Summit 2023 (7th Edition)
i.Madhya Pradesh (MP) hosted the Invest Madhya Pradesh—Global Investors Summit 2023 (7th edition) in Indore, MP, on January 11-12, 2023.
ii.The “Invest Madhya Pradesh—Global Investors Summit” is the flagship biennial investment promotion event of the Department of Industrial Policy and Investment Promotion, Government of MP.
iii.More than 314 companies attended the summit, which attracted interest on both the national and international levels.
Key Points:
i.First MoU: MP Power Management Company Limited (MPPMCL) & REC Limited.
- Purpose: REC agreed to provide Rs. 15,086 crores in financial support for upcoming Sarani and Amarkantak thermal power projects, system improvement, technology upgrades, renovation and modernization projects, etc.
ii.Second MoU: Rewa Ultra Mega Solar Ltd. (RUMSL) & REC Limited.
- Purpose: REC agreed to provide financial support of Rs. 1,000 crores for renewable energy projects.
- The projects include the development of renewable energy parks or projects, as well as related infrastructure, such as power evacuation.
iii.The Ministry of New and Renewable Energy (MNRE) has authorised RUMSL as a Solar Power Park Developer (SPPD) to develop large solar parks in MP.
iv.MP intends to generate 20% of its electricity from renewable sources by the fiscal year (FY) 2024, 30% by FY 2027, and 50% by FY 2030.
v.Third MoU: World Bank (WB) & REC Limited.
- REC Limited has designed a financing facility for select state-owned power distribution companies (DISCOMs) in collaboration with the WB.
- This REC-WB programme will provide a total of USD 1 billion in funding.
- REC committed Rs. 5,000 crores to MP DISCOMs under this umbrella to strengthen distribution reforms.
Recent Related News:
In November 2022, REC Limited signed an MoU with Power Finance Corporation Ltd (PFC), according to the Department of Public Enterprises (DPE) Performance Evaluation System for FY 2022–23 for Central Public Sector Enterprises (CPSEs).
About Uttar Pradesh (UP):
Chief Minister (CM) – Yogi Adityanath
Governor – Anandiben Patel
Zoological Park – Shaheed Ashfaq Ullah Khan Prani Udyan; Sarnath Deer Park
Airports – Chaudhary Charan Singh International Airport; Lal Bahadur Shastri Airport
About Madhya Pradesh (MP):
Chief Minister (CM) – Shivraj Singh Chouhan
Governor – Mangubhai Patel
National Parks – Panna National Park; Pench National Park
Wildlife Sanctuaries (WLS) – Gangau Wildlife Sanctuary; Ghatigaon wildlife sanctuary
