Prayagraj to witness Rs.80 billion investment in next 7 months

16 Oct 2023 CW Team

The agreements made during the Global Investors Summit-2023, which took place from February 10 to 12 in Lucknow, are now prepared to jumpstart business operations in Prayagraj.

With investments totaling around 80.30 billion, 91 enterprises that signed agreements at the Investors' Summit are now prepared for the groundbreaking ceremony here. Official ground-breaking ceremonies for these companies' factories and units are planned for after Diwali, district officials were informed.

By the end of the year, these enterprises' factories and setups will be completely operational, providing 13,217 residents with work opportunities. The industries department had already begun planning for the groundbreaking ceremony for the factories and units that these companies had established in Prayagraj, the officials added.

?The work of implementing the agreements reached at the Investors? Summit in February is progressing rapidly. After the agreement, business worth more than ?80 billion is set to start in just next seven months and the ground-breaking ceremony of their plants and units will take place soon,? said Sharad Tandon, deputy commissioner (industries), Prayagraj.

The unique aspect is that out of the 80.30 billion in investments, almost a quarter, or 23.54 billion, will be made in the housing sector. A groundbreaking ceremony for these projects will take place soon. Following that, $20.53 billion is invested in infrastructure and industrial growth. According to officials, investments totaling $10.75 billion in alternative energy and $6 billion in transportation are expected to provide the Prayagraj region's business climate a boost unlike anything it has ever experienced.

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