Essel, Reliance Jio among 23 firms to invest Rs 55,000 cr in UP

Written by Deepa Jainani | New Delhi | Updated: Jun 13 2014, 06:49am hrs
In its first major investors meet outside the state in seven years, the Uttar Pradesh government on Thursday received a thumping response from the industry with Essel, Reliance Jio and 21 other companies signing MoUs worth R54,606 crore.

Terming the response as unprecedented, chief minister Akhilesh Yadav thanked the industry for reposing their faith in his government and the state of Uttar Pradesh and assured the industry of his personal attention and time in solving their issues.

I am overwhelmed with the response from you and I assure you all help from my side. You can also seek my personal intervention whenever and wherever required, Yadav said.

Speaking at the Investors' Conclave in the national capital, Yadav said he was willing to spare as much time as needed for facilitating industrial and infrastructure investment in Uttar Pradesh.

Uttar Pradeshs doors are open for the the business fraternity and it will be my endeavour to establish direct dialogue with the investors. I will give as much time as possible and meet everyone of you personally to iron out any problems that may arise in facilitating the investment, he said.

Addressing a vast audience of more than 150 investors and industry captains during the meet held by the UP government, Yadav reiterated his firm belief that doubling the speed on the roads will automatically triple the economy. Thats why the Uttar Pradesh government is building a 6-lane Agra-Lucknow expressway to connect the state capital with national capital by linking it to the Yamuna Expressway through the EPC route, he stated.

Diplomats of six countries, including Canada, the Netherlands, Turkey, Poland, Italy and Taipei also attended the conclave and held discussions with the chief minister for exploring investment possibilities in Uttar Pradesh.

Coming on the back of a media backlash after the recent incidents of lawlessness in the state, the robust response of the industry reflects that the chief minister has been able to build confidence with the industry.

Among the companies which signed the MoUs were Subhash Chandra-led Essel Group that signed an MoU for investing R20,000 crore in areas like urban development and distribution of power, while Mukesh Ambani's Reliance Jio pledged R5,000 crore outlay for implementation of 4G network. Indian Oil's Mathura refinery has pledged an investment of R8,000 crore and Hindustan Paper Mills promised an investment of R4,000 crore. Uflex is also planning to set up a 300 MW Solar PV Park in Bundelkhand region with a total investment of R4,000 crore.