UPSIDA set to implement Rs 400 bn investment proposals

23 May 2023 CW Team

The Uttar Pradesh State Industrial Development Authority (UPSIDA) announced on Friday its readiness to implement investment proposals amounting to Rs 400 billion during the first groundbreaking ceremony. Simultaneously, the process of finalising Memorandums of Understanding (MoUs) worth Rs 420 billion for the Ground Breaking Ceremony (GBC) is currently underway, according to a UPSIDA spokesperson.

The spokesperson further stated that the identified land for these investors will soon be made available to them. It is noteworthy that all departments have been assigned specific targets for the groundbreaking ceremony. UPSIDA, specifically, has been given the highest investment target of Rs 1.60 lakh crore, and so far, 224 shortlisted MoUs worth over Rs 820 billion have been identified, as per the statement issued by the Authority.

Mayur Maheshwari, CEO of UPSIDA, mentioned that a total investment proposal of Rs 3.18 lakh crore was received from 600 investors in UPGIS-2023. To facilitate the implementation of these investment proposals, they were categorized into five groups based on investment size: MSME (up to Rs 500 million), large (Rs 0.5-2 billion), mega (Rs 2-5 billion), super mega (5-50 billion), and ultra mega (above Rs 50 billion).

The spokesperson added that different teams have been formed to review these MoUs in three phases. Extensive efforts are being made across sectors to improve infrastructure within the designated timeframe. Land is also being mapped according to the specific requirements of the investors. The spokesperson stated that 199 investors have been provided land and other facilities in 44 districts.

According to the statement from UPSIDA, the largest investment of Rs 70.20 billion is being made by four investors in Chandauli, while Amethi has 30 units with an investment of Rs 47.61 billion.

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