UP’s Investment Boom: Groundbreaking Ceremony 4.0 and Key Sector Highlights

Uttar Pradesh has become the preferred destination for investors as the state is becoming a model for doing business and a rich resource for skilled manpower, robust infrastructure as well as policies. The state is currently hosting the fourth edition of the Groundbreaking Ceremony (GBC 4.0) in Lucknow from February 19-21.

Prime Minister Narendra Modi was present as the chief guest, on Monday, February 19, for GBC 4.0, to lay the foundation stone for development projects worth nearly INR 10 Lakh-Crore. These are poised to create employment opportunities for more than 34 Lakh people.

Overview:

Around 3,500 investors, including national and international guests, representatives from 500 Fortune companies, ambassadors, and high commissioners, are participating in the Groundbreaking Ceremony 4.0.

The event is taking place across all 75 districts, where approximately 14,000 projects are being implemented. These projects have attracted a total investment of about INR 1 Trillion. Among these are 300 projects valued at over INR 500 Crore, whereas 895 industrial projects range between INR 100-500 Crore.

The MoUs for these projects were signed during the Uttar Pradesh Global Investors Summit 2023 (UPGIS). The summit highlighted the focus on industrial growth and establishing modern greenfield infrastructure, such as airports, expressways, metro rails, and industrial corridors.

Key highlights:

The three industrial development authorities of Uttar Pradesh are playing a significant role in showcasing 300 projects worth a total of INR 1.8 Lakh-Crore investments. The Noida Authority is estimated to invest INR 75,310 crore, whereas the Greater Noida Authority is investing INR 60,000 Crore. The Yamuna Expressway Authority is additionally investing nearly INR 45,000 Crore.

Major companies participating in the groundbreaking ceremony include:

In the Residential sector:

Theme County is investing INR 5,200 Crore. Roseberry Estate is investing INR 2,000 Crore. Mahagun Infratech is allocating INR 1,800 Crore, whereas Godrej Properties is set to invest INR 1,200 Crore.

Meanwhile, Country Group will invest INR 2,000 Crore, Eldeco and Iris will invest INR 1,000 Crore each, and Purvanchal is set to invest INR 800 Crore. These companies plan to develop multiple projects in a phased manner through these investments.

Industrial sector:

10 pledge parks are being set up in Uttar Pradesh to encourage industrial establishments. Under this mission, 10 Lakh units will benefit directly with funding to 1 Lakh units each year.

Dixon has pledged an investment of INR 500 Crore for its Ecotech 8 Project in Uttar Pradesh. Meanwhile, Hair will invest INR 640 Crore for the expansion of its existing facility.

Addverb, a global robotics and automation company, has pledged to invest INR 500 Crore in a project. It will be developed over an anticipated 15 Acres of land.

Moreover, Yamuna International Airport Pvt Ltd, the concessionaire of Noida airport, will invest INR 600 Crore for a cargo and logistics hub.

IT sector:

The UP government has signed 60 projects worth an estimated INR 91,000 Crore in the IT sector. These projects are expected to generate 81,424 job opportunities. Of these, 39 projects are based in the NCR District.

NIDP Developers Pvt Ltd will invest INR 30,000 Crore for developing the Noida Data Center Park. This project will cover 20 Acres of land leased from the Greater Noida Industrial Development Authority.

Moreover, TARQ Semiconductors Pvt Ltd is set to launch a project in Gautam Buddha Nagar worth INR 28,440 Crore.

Sify Infiniti Space Ltd will set up two projects worth a total INR 19,000 Crore in Gautam Buddha Nagar.

Additionally, M3M India is investing INR 7,500 Crore for its commercial project. Ikea has committed to investing INR 4,300 Crore, whereas Clear Lake is contributing INR 4,000 Crore for a commercial project.

Advance Compusoft will develop an IT and commercial park in Techzone 4. The company will invest INR 1,000 Crore, whereas the anticipated land area is 25 Acres.

Bhutani Grandthum has been allotted 25 Acres in Techzone 4 for developing an IT project. The estimated investment is INR 1,000 Crore.

Furthermore, Migsun, an IT project in Techzone, will see an investment of INR 500 Crore.

For the Yamuna Expressway Authority–

Vivo will invest INR 6,990 Crore to set up its assembly and SMT lines for manufacturing mobile phones.

Sify Infinite Spaces and Jackson Ltd have been allocated land near the upcoming Noida International Airport to establish their data centre parks. Each company has been allocated 5 Acres in Sector 28 with a collective investment of INR 11757.45 Crore.

UP Defence Industrial Corridor (UPDIC):

Meanwhile, UPDIC is playing a crucial role in transforming the state into a major defence and aerospace manufacturing hub. Around 34 new projects worth an aggregate INR 3,585.85 Crore have been added to UPDIC across Aligarh, Jhansi, Kanpur, and Lucknow nodes. This will create 8,530 direct as well as indirect job opportunities.

Tourism and Hospitality sector:

The Uttar Pradesh tourism sector has attracted 819 projects worth an overall investment of INR 33,137.47 Crore. Of these, 34 projects worth INR 6,730 Crore will be developed in Varanasi, whereas 114 projects worth INR 4,318 Crore will come up in Ayodhya, 74 projects worth INR 3,278 will be coming up in Mathurs, while 21 projects will be set up in Prayagrath worth INR 1,108.18 Crore. Additionally, 8 projects will be developed in Chitrakoot worth INR 118 Crore.

These projects will comprise hotels, resorts, spas, theme parks, etc.

Key investments include:

Shaurya Naturopathy and Resorts is investing INR 500 Crore to develop a hotel in Prayagraj, whereas PDI India is investing INR 400 Crore for a theme park in Agra.

Additionally, Taj Vivanta will come up in Gorakhpur worth INR 300 Crore. Leela Palace will come up in Agra worth INR 250 Crore, and Westin will develop a resort and spa in Sant Kabir Nagar with an investment of INR 222 Crore. Moreover, Holiday INN in Varanasi will see an investment of INR 190 Crore. Crown Plaza is being developed at INR 175 Crore in Lucknow, whereas Double Tree Hilton will be developed in Varanasi at INR 150 Crore. 

Sector-wise investment breakdown:

Housing 19.24%

Renewable energy 15%

Manufacturing 13%

Food processing 6.01%

Electronics manufacturing 5.27%

Education 2.96%

Region-wise investments:

Pashchimanchal 52%

Poorvanchal 29%

Madhyanchal 14%

Bundelkhand 5%

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Disclaimer: The information in this article is gathered using data from Biltrax Construction Data’s proprietary platform. This article uses feature images that may not represent the project however, they are merely for illustration purposes.