: ‘U.P. to receive Rs 7,500 cr of foreign investment soon’ #FinanceIndia #StockMarketNEWS #Business Press Trust of India Noida Companies from countries like the US, the UK, Japan, Canada,

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‘U.P. to receive Rs 7,500 cr of foreign investment soon’ #FinanceIndia #StockMarketNEWS #Business
Press Trust of India

Noida

Companies from countries like the US, the UK, Japan, Canada, Germany, Hong Kong and Singapore will soon bring in foreign investment worth around `7,500 crore in Uttar Pradesh, including Gautam Buddh Nagar, state Cabinet Minister Nand Gopal Gupta ‘Nandi’ said on Monday.

Gupta, the Minister for industrial development, export promotion, NRI and investment promotion, credited Chief Minister Yogi Adityanath for improving the law and order situation in the state which has resulted in a conducive atmosphere for foreign investment.

“Noida (Gautam Buddh Nagar), as well as other districts of Uttar Pradesh, will soon get foreign projects worth about `7,500 crore which will open the doors of employment for thousands of youth in the state. Companies from Japan, Canada, Germany, Hong Kong, Singapore, the UK, the US and Korea are going to make these investments,??? the minister said in Lucknow, according to an official statement.

Gupta is leading the ongoing preparations for the June 3 event where Prime Minister Narendra Modi is scheduled to participate in the ground-breaking ceremony in Lucknow for 2,000 projects estimated worth `75,000 crore.

“The Yogi Adityanath-led government is providing all facilities to entrepreneurs whether it is for securing land or getting no-objection certificates from government departments without hassle. This has sent a message to the entrepreneurs that Uttar Pradesh is the best destination to invest in,??? the Minister said.

In such a situation, he said foreign investors are also investing in UP due to which the state has also made a high jump in the ease of doing business.

In terms of bringing in foreign direct investment, UP is on the way to being included in the top five states of the country, he said, according to the statement.

On the incoming foreign investments, the minister said US-based MQ Software is investing Rs 252 crore while tech giant Microsoft is investing Rs 1,800 crore for a software development project both in Noida, Gautam Buddh Nagar.

Gautam Buddh Nagar will also get an investment of Rs 300 crore by South Korean company Samkwang, Rs 265 crore by DreamTech Electronics, Rs 400 crore by Starion for setting up an electronics manufacturing project while ST Telemedia Global Data Centres of Singapore is investing Rs 900 crore to set up a data centre in the district, he said.

Gupta said Japan’s NTT Net Magic is investing Rs 1,500 crore to set up a data centre in Gautam Buddh Nagar while Allied Nippon is investing Rs 240 crore for setting up an auto components manufacturing project in the district, he said.

On the other hand, Associated British Foods (AB Maury) of the UK is investing Rs 1,100 crore for setting up a yeast production project in Pilibhit while Germany’s Van Velex is investing Rs 300 crore in Agra for setting up a footwear manufacturing project and about Rs 350 crore is being invested by Air Liquide company of France for the establishment of air separation-oxygen production project in Mathura, the Minister added.