Alternative Investment

Six UAE firms to invest $2.2bln in India’s UP state


Lulu Group will set up six shopping malls and one hotel in the state, creating 10,000 jobs.

India’s Uttar Pradesh (UP) state government said on Tuesday that it has signed memoranda of understanding (MoUs) with six UAE-based companies worth Rs185.9 billion (Dh8.2 billion) ahead of the Global Investors Summit to be held in Lucknow in February.

Three UAE firms, Lulu Group, Sharaf Group, and Hindustan Ports, will invest Rs45 billion, Rs13 billion and Rs2.1 billion, respectively in retail, hotel and logistics parks in the state.

The first series of MoUs will help create over 20,000 jobs. The Sharaf Group and Hindustan Ports will generate 1,500 and 1,000 jobs, respectively.

Astha Green Energy Venture and Shree Siddharth Infratech and Services will invest Rs44.8 billion and Rs80 billion respectively in renewable energy to create 2,560 and 4,800 jobs.

Lulu Group will set up six shopping malls and one hotel in the state, creating 10,000 jobs. As per the MoU, Lulu will set up shopping malls and hypermarkets in Noida, Varanasi, Gorakhpur, Ayodhya, Kanpur, and Prayagraj.

Ahead of the summit, eight state government teams visited 16 countries, receiving investment proposals worth more than Rs7.12 trillion. The largest share of such proposals worth Rs4 trillion was received from the United Kingdom and the United States.

The overwhelming response to the overseas roadshows has prompted the government to increase the investment target for the GIS by 70 per cent to Rs17 trillion. Earlier, the Yogi Adityanath-led government had targeted a net private investment of Rs10 trillion at the scheduled February 10-12, 2023 summit.

Prime Minister Narendra Modi, President Draupadi Murmu, Home Minister Amit Shah, Defence Minister Rajnath Singh and other federal ministers will attend the summit.

“With a population of 240 million, our target is that Uttar Pradesh’s share in the country’s $5 trillion economy should be around 20 per cent. For that, the Yogi government of the state has made many changes under the ease of doing business policy. In 2019, in the ease of doing the business rating, Uttar Pradesh jumped 12 places and secured the second position,” UP’s MSME Minister Rakesh Sachan has said.


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