UP govt clears investment projects of Rs 3,653 cr in past two months

The Uttar Pradesh government has cleared private investment projects totalling more than Rs 3,650 crore across different sectors under the UP Industrial Investment and Employment Promotion Policy 2017.

According to the state industrial department, these projects were cleared during the past two months, with total projected fresh employment generation of more than 11,000.

In fact, Letters of Comfort (LoC) have already been issued or are being processed for issuance by Pradeshiya Industrial and Investment Corporation of UP (PICUP) for the actual fructification of the investment.

“The concerned departments are in regular touch with these investors for the implementation of their respective projects,” UP infrastructure and industrial development principal secretary Alok Kumar said here.

He added that “progressive” administrative and procedural reforms had been implemented to improve the ‘Ease of Doing Business’ parameter in UP, which was bringing about “decisive and speedy action” on such industrial matters.

Kumar said the process of setting up of new industrial units had gained speed following the issuance of timely online approvals through UP single window portal Nivesh Mitra.

Meanwhile, the industrial development department has disbursed incentives worth Rs 326 crore to four companies during the last two months under the new industrial policy.

Under the state's erstwhile industrial policies of 2003 and 2012, incentives worth over Rs 90 crore had been given to 14 companies during December 2019 and January 2020.

PICUP managing director Sujata Sharma said LoCs had been issued under heavy industry category to 12 companies in UP with investment outlay of Rs 363 crore. They were expected to create fresh jobs totalling 2,792 under the 2017 industrial policy.

Some of these investors included Green Kashi Bio Energy, Nature Fresh Enterprises, Sunglass Works, Anjani Nandan Premier Package, S D International, B P Industries, Sadahari Shakti, Organic India, Flavicon Eco Boards, Uttam Sugar, Jai Ambe Vineet Plywood and Orient Bell Ltd.

In the mega category under the 2017 industrial policy, LoCs were issued to six companies with total investment of Rs 2,360 crore and expected employment generation of 6,692. These include Nikita Papers, Greenply Industries, J K Cement, Haldiram Snacks, Silverton Pulp & Papers and SLMG Beverages.

Besides, the process of issuing LoCs was in the pipeline to three companies with an investment of Rs 689 crore and a potential of creating 1,300 jobs. These include KR Pulp and Papers, PepsiCo India Holding and Triveni Engineering and Industries.

“The dismantling of red tape and the enhancement of positive industrial ecosystem and ease of doing business parameters has been a major encouragement for us,” Ahmed ElSheikh, President & CEO, PepsiCo India said.

PepsiCo is setting up a greenfield snacks manufacturing plant in UP and is planning to expand its backward integration with local farmers to enable socio-economic growth for potato growers.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel