Ambani, Birla, industry captains announce huge investment at UP Global Investors’ Summit 2023



Reliance Industries Limited has committed investments worth Rs 75,000 crore in Uttar Pradesh in the next four years. At the inauguration of the UP Global Investors’ Summit 2023 on Friday, February 10, the company’s managing director Mukesh Ambani unveiled his plans of rolling out 5G mobile telephony services, expanding retail networks, and establishing renewable energy capacity in UP. The Aditya Birla Group also committed to invest Rs. 25,000 crore across its various businesses in Uttar Pradesh.

Uttar Pradesh Global Investors Summit (UPGIS) 2023 scheduled from 10-12 February 2023 at Lucknow, is the flagship Investment Summit of the Government of Uttar Pradesh. The 3-day long Investors Summit will bring together policymakers, corporate leaders, business delegations, academia, think tanks, and Political and government leaders from across the globe, to collectively explore business opportunities and forge partnerships.

“Through this investor summit, we intend to provide a platform for the best minds and experts from across the world to collaborate with us in this endeavor,” UP chief minister Yogi Adityanath said.

Tata Group Chairman N Chandrasekaran said, “UP is well placed to become a trillion-dollar economy when India will be USD 5 trillion and again become a USD 2 trillion economy by the time India reaches USD 10 trillion.” He also added that with an increase in religious and wildlife tourism, Tata Group’s hotels see tremendous opportunities in the state. He also announced that Air India SATS, in collaboration with Zurich Airport, will establish an integrated multimodal cargo hub at the upcoming Jewar airport in Uttar Pradesh.

In his inaugural address at the summit, Aditya Birla Group chairman Kumar Manglam Birla stated that the Rs. 25,000 crore would be invested in a variety of industries, including cement, metals, chemicals, financial services, and renewable energy.

The UPGIS 2023 will have over 10,000 domestic and international delegates from over 20 countries. The UP government has set a target of attracting investment intents worth Rs 10 lakh crore at UPGIS 2023 and has come out with a new online system for signing Memorandums of Understanding (MoUs) and monitoring their implementation.

The UP government is also organizing roadshows in 16 countries to promote the investment attractiveness of the state. The US, United Kingdom, Canada, Japan, South Korea, Singapore, Germany, Netherlands, and UAE have already committed to be partner countries.

While inaugurating the summit, Prime Minister Narendra Modi stressed that initiatives for better infrastructure in UP are bearing fruit. He said very soon UP will be known as the only state with 5 International airports. Freight corridor will connect the state directly with the sea coast in Maharashtra. While pointing out a “meaningful change in ensuring ease of doing business” Modi said: “Today UP has become a source of hope and inspiration and it has become a bright spot for the nation just like India has become a bright spot on the global stage.”