Rs 25,000-crore MoUs likely to be signed at UP investor conclave

Written by Deepa Jainani | Lucknow | Updated: Jun 9 2014, 07:08am hrs
About 150 companies will take part in Investor Conclave for Uttar Pradesh in New Delhi on June 12, and MoUs worth R25,000 crore could be signed during the meet, state chief secretary Alok Ranjan told FE.

Sources say among those signing the MoUs will be Essel group, which alone is expected to invest approximately R20,000 crore while HPCL will sign an MoU for investing R500 crore. Besides, several other investors are also likely to sign MoUs with the state, taking the investment figure in the R25,000-26000 crore range.

Ranjan said: About 150-odd companies, including top names like Philips, ITC, HCL and HPCL will attend the conclave, along with representatives from seven embassies.

UP CM Akhilesh Yadav has iterated the importance of bringing fresh investments into the state.

Over the last fortnight, the state has seen a breakdown of law and order after the Badaun rape and murder incident. The industrys major concern has been the deteriorating law and order situation in the state and, to address their concern, the state government has gone into a mass transfer of police officials. As many as 42 IPS transfers were effected in a single day on Saturday. This is perhaps the governments way of sending positive vibes across to the industry and saying that all is not lost. UP has immense advantages which we will leverage, along with our new policy reforms, said another official, requesting anonymity.

The main challenge is to clear the misperception that UP is a bad state. As such, building confidence among investors will be key, added the official. This event will also see Yadav going all out to sell his state to investors.

For UP, its a do or die situation. We need to break the myths surrounding it so that investment can flow in, especially in some key areas, added the official.