In 3.5 years, UP has received 98 investment proposals totaling Rs 13,408 crore in the industrial sector

During the last three and a half years, Uttar Pradesh has emerged as the top investment destination, receiving 98 investment proposals worth Rs 13,408.19 crore in the manufacturing sector, according to an official statement released. Big businessmen from India and outside are investing heavily in infrastructure, food processing, textile, electronic manufacturing, real estate, electricity, and manufacturing sectors in Uttar Pradesh.

“However, of all these sectors, manufacturing is the most preferred among them and is booming,” officials said in the statement.

The receipt of 98 investment offers totaling Rs 13,408.19 crore in the industrial sector over the last three and a half years attests to this, they claim.

The industrial sector received the necessary boost after Chief Minister Yogi Adityanath implemented regulatory reforms to create a favourable climate for investments in the state, according to the statement.

According to Department of Industrial Development data, investment proposals in the manufacturing sector include 10 bids for Rs 4,250 crore from international investors and 88 proposals from local firms to build up big manufacturing facilities in the state.

Over 22,000 people might be employed as a result of this. The Yogi administration has granted land to 66 of 88 businessmen for the establishment of manufacturing facilities.

The majority of these manufacturers have finished the building of their units and have begun production. Aside from that, the statement stated that 26 big industrialists are pushing through with their intentions to establish businesses.

Officials say Covestro IP is spending Rs 800 crore to build a plastic manufacturing plant in Gautam Buddh Nagar (Noida).

Similarly, UltraTech is investing Rs 600 crore to build a cement factory in Prayagraj, and Sparsh Industries Private Ltd and Rimjhim Ispat have spent Rs 600 crore and Rs 550 crore, respectively, in Kanpur Dehat.

Furthermore, DCM Shriram is investing Rs 361 crore in the construction of a sugar plant in Hardoi. According to the announcement, Kent RO Systems has invested Rs 300 crore in Gautam Buddh Nagar and PTC Industries Ltd has spent Rs 205 crore in Lucknow.

MM Forgings Pvt Ltd spent Rs 150 crore in Barabanki, while Password Papers invested Rs 351 crore in Meerut. Silverstone is investing Rs 180 crore in the construction of a paper plant in Muzaffarnagar.

All of these firms have also begun manufacturing. In addition, Kanodia Group is investing Rs 1,200 crore in Amethi and JK Cement Ltd is investing Rs 650 crore in Aligarh to build a cement factory, according to authorities.

NEWS SOURCE

ALSO READ: Greaves Cotton up 10% on strong volume, and the stock approaching a record high