The Uttar Pradesh (UP) government signed 18,643 Memorandums of Understanding (MoUs) for investment intentions over the three-day Uttar Pradesh Global Investor Summit (UPGIS) 2023, with a value of Rs. 33.50 lakh crore, in Lucknow, UP.
- Western UP has received the most investment due to cities like Noida and Agra.
- The region will receive about 45% of the entire investment.
Electronics manufacturing, which had previously attracted the most investment in UP, was surpassed by “renewable energy” as an emerging industry.
Sector Wise Allocation
i.Renewable investment accounted for 12.41% of total investment, reaching Rs. 3.58 lakh crore.
ii.Higher education received 9%, while industrial parks received about 11.35%. (Rs 2.57 lakh crore).
iii.Manufacturing obtained around Rs. 2 lakh crore, and logistics and warehousing reached nearly Rs. 1.59 lakh crore.
iv.The proposals received by the real estate industry amounted Rs. 1.24 lakh crore (4.32% of the total intents), followed by Rs. 1.12 lakh crore by IT-enabled services (ITES) and Rs. 98,000 crore by tourism.
Welspun One Logistics Parks Inks Pact with UP Govt to Invest Rs. 2,000 Crore
Welspun One Logistics Parks (WOLP) has signed a Rs. 2,000 crore pact with the Uttar Pradesh government to create warehousing and logistics parks in the state and expand its position in the warehousing sector in North India.
- The MoU was signed during the UPGIS 2023, which took place in Lucknow, UP, from February 10–12, 2023.
Welspun One Logistics Parks (WOLP)
WOLP is an integrated fund, development, and asset management company (AMC) created to provide large-format, institutional Grade-A logistics parks across India.
- It is the warehousing platform of the USD 2.3 billion Welspun Group.
Reliance, Birla, Tata to invest in UP – Mukesh Ambani announced an investment of Rs. 75,000 crore in UP
Reliance, Aditya Birla Group, and Tata, three of India’s largest conglomerates, pledged to spend more than Rs. 1 lakh crore in UP to expand their businesses in the near future, at UPGIS 2023.
Key Points:
i.Reliance Industries Limited (RIL) Chairman Mukesh Ambani announced an investment of Rs. 75,000 crore in the next four years.
- The investments will be made for the deployment of 5G mobile phone services, the expansion of retail networks, and the establishment of renewable energy capacity in Uttar Pradesh.
ii.Aditya Birla Group Chairman Kumar Mangalam Birla promised Rs. 25,000 crore in investments across the company’s different sectors, including cement, metals, chemicals, financial services, and renewable energy in UP.
iii.Tata Sons Chairman N Chandrasekaran declared that the group firm Air India SATS will establish an integrated multi-modal cargo hub at the upcoming Jewar airport in collaboration with Zurich Airport.
Noida Emerges as UP’s Most Favoured Investment Destination at UPGIS 2023
In the three-day UPGIS 2023 held in Lucknow, Noida (UP) emerged as the most favoured investment destination in the state.
- A combined investment share of 27% has been garnered by the 3 Noida authorities: The Yamuna Authority, the Greater Noida Authority, and the Noida Authority.
- The second and third most popular locations for investment by investors have been Agra and Lucknow.
The UP government has received a Rs. 32,92,000 crore investment proposal from the Global Investors Summit (GIS), which will employ 92 lakh people.
UP Government Sings MoUs to Improve Grassroots Sports Ecosystem
The Sports Department of Uttar Pradesh signed a number of Memorandums of Understanding (MoUs) at the sports-focused session titled “Harnessing Opportunities in the Sports Sector in Uttar Pradesh ” during the UPGIS 2023 event in Lucknow.
Objective: To enhance the state’s grassroots sports infrastructure and create partnerships with businesses to further the PPP model for athlete development.
Companies that signed Host of MoUs at UPGIS 2023
i.The HCL Foundation intends to work with 5,000 underserved children, youth, and people with disabilities.
ii.The UP government will collaborate with Sporta Technologies (Dream Sports) on grassroots sports development, technology and athlete development for elite athletes, and streaming partnerships.
iii.Abhinav Futuristics intends to create world-class high-performance sports training and rehabilitation facilities in UP.
iv.The European Business & Technology Centre will look into potential opportunities and sports development to aid UP’s sustainability and technical advancements.
v.The Europe-India Sports Cluster and other members will support the company, along with Vistra ITCL Limited.
vi.MotoGP Bharat, with a Rs. 473 crore investment, is organising the Race World Championship in BIC Lucknow.
Recent Related News:
In December 2022, the Uttar Pradesh (UP) government signed a number of agreements with investors in Singapore ahead of the UP Global Investors Summit (UPGIS), for a 50 billion investment commitments target.
About Reliance Industries Limited (RIL):
CMD – Mukesh Ambani
Founder Chairman – Dhirubhai Ambani
Establishment – 1973
Headquarters – Mumbai, Maharashtra
