UP Investors Summit 2018 Current Affairs

MoUs worth Rs 4.28 lakh crore inked at UP Investors Summit

The Uttar Pradesh government signed 1,045 Memorandum of Understandings (MoUs) amounting to proposed investments worth Rs 4.28 lakh crore at UP Investors Summit 2018 in Lucknow.

The summit was inaugurated by Prime Minister Narendra Modi and gave 4-P mantra: Potential, policy, planning and performance which leads to progress. It witnessed presence of business leaders such as Mukesh Ambani, Kumar Mangalam Birla, N Chandrasekaran, Gautam Adani, among others. They announced investment plans in UP over the next three to five years.

Key Facts

The mega event was organised to bring together heads of states and governments, ministers, leaders from corporate world, senior policy makers, heads of international institutions and academicians from around world to further cause of economic development in Uttar Pradesh and promote cooperation to pave way for better investments.

PM Narendra Modi announced setting up of defence industrial corridor in Bundelkhand region along with Defence Investors’ Cell will be set under Defece Ministry to ensure speedy development of the corridor.

Mukesh Ambani, chairman of Reliance Industries announced that Jio will invest another Rs 10,000 crore over next 3 years. Gautam Adani, chairman of Adani Group announced investment of Rs 35,000 crore over next 5 years.

Tata Sons chairman N Chandrasekaran announced setting up new campus for 30,000 people in state along with opening IT centre in Varanasi. Aditya Birla Group chairman Kumar Mangalam Birla announced investments of Rs 25,000 crore over next five years, spread across group’s multiple businesses in state.

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