Top industrial houses including Reliance, Birla, Tata to invest in UP

Lucknow: Top industrial houses, including Reliance, Birla and Tata, on Friday announced investment proposals for Uttar Pradesh on the first day of the three-day Global Investors Summit 2023 being held here.

Mukesh Ambani, Chairman of Reliance Industries Limited, announced an investment of Rs 75,000 crore in UP in the coming four years. About one lakh new jobs are expected to be created by this investment.

Speaking at the event, Ambani said that the state would become a trillion-dollar economy within the next five years.

Reliance is expected to set up a 10 GW of renewable energy capacity in UP, which will be the biggest renewable energy project in the state so far.

The company also announced a foray into bio-gas energy business in UP, on which Ambani said that bio-gas will not only improve the environment but will also benefit the farmers and guarantee that the farmers become energy providers along with being food providers.

Ambani said: "Uttar Pradesh has become the centre of hope for new India."

Aditya Birla Group Chairman Kumar Mangalam Birla, while speaking at the inaugural session, said that the group will invest Rs 25,000 crore in the state in the fields of cement, metals, finance services and renewable energy. among others.

Birla said that India is the fastest-growing economy in the world, in which UP has made a crucial contribution.

He said that unprecedented development has taken place in the state under the leadership of Chief Minister Yogi Adityanath, including a network of highways, metros and airports being built in the state.

Birla lauded the state government's 'Nivesh Mitra' initiative and said that UP ranks second in 'ease of doing business'.

He said that that the state had issued a new policy for investment, under which $1.1 billion had come in the state as Foreign Direct Investment (FDI) in the last three years till September 2022, the highest in the last two decades.

Tata Sons Chairman N. Chandrasekaran thanked Adityanath for the improved law and order condition and strong infrastructure in the state.

He added that Tata group shared a long history with UP and has more than 50,000 employees in the state.

He said that the group has been undertaking massive expansion of its companies in the state due to the investment-friendly environment that has been created in the last few years.

Chandrasekaran added: "We are investing heavily in Noida through TCS."

On this occasion, Daniel Bircher, CEO of Zurich Airport (Asia), the operational partner company of the under-construction Jewar (Noida) International Airport, and Sunil Vachani, Chairman of Dixon Technologies, also shared their experience and informed about future investment plans.