India's UP state signs MoUs worth ₹18,590 cr with UAE-based firms

03 Jan '23

1 min read

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India’s Uttar Pradesh (UP) state government recently signed memoranda of understanding (MoUs) with six UAE-based companies worth ₹18,590 crore ahead of the Global Investors Summit to be held in Lucknow in February. Two UAE-based firms, the Sharaf Group and Hindustan Ports, will invest ₹1,300 and ₹210 crore respectively in logistics parks in the state.

The first series of MoUs will help create over 20,000 jobs, according to the statement released by the state government. The Sharaf Group and Hindustan Ports will generate 1,500 and 1,000 jobs respectively.

Astha Green Energy Venture and Shree Siddharth Infratech and Services will invest ₹4,480 and ₹8,000 crore respectively in renewable energy to create 2,560 and 4,800 jobs.

The Lulu Group will invest ₹4,500 crore in retail and food processing sectors, creating 10,000 jobs, a news agency reported.

Ahead of the summit, eight state government teams visited 16 countries, receiving investment proposals worth more than ₹7.12 lakh crore. The largest share of such proposals worth ₹4 lakh crore was received from the United Kingdom and the United States.

Fibre2Fashion News Desk (DS)

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