5 UAE based Indian firms to invest $3.6 bn in UP

The Dollar Business Bureau

Five leading Indian-owned firms, based in United Arab Emirates, are likely to pool in $3.68 billion for development works in Uttar Pradesh. During an investment forum backed by Indian Business and Professional Council, an MoU was inked by the firms deciding to back the industrial and infrastructure development initiatives.

The move came in after UP CM Akhilesh Kumar Yadav launched a progamme to boost the developmental works in the state by attracting NRI funds.

The UAE based firms signed several agreements with the state government vowing to extend funds for the state’s manufacturing and health care programmes. The names of the investors will be soon declared by the UP government.

A forum was organized with a view to promote trade, enhance economic cooperation and generate investment opportunities.

In recent times, UP witnessed a flurry of measures to improvise the overall infrastructure and logistics facilities, including mega road projects such as an 8-lane Ganga Expressway, connecting far east with Delhi.

Meanwhile, many other projects in the areas of transport, education, healthcare, metro, power are at different phases of implementation. The government has many other projects in the pipeline confirming their commitment for growth and stability.

Earlier in 2016, Abu Dhabi based Lulu Group declared that it will invest Rs.1000 crore for a shopping mall, five-star hotel and convention center in UP. The investment is likely to generate vast employment opportunities.