Ambani, Birla Commit To Invest Rs 1 Lakh Crore In UP
Mukesh Ambani said his group plans to invest an additional Rs. 75,000 crore in Uttar Pradesh over the next four years.
Indian conglomerates Reliance Industries Ltd. and Aditya Birla Group have committed investments totalling up to Rs 1 lakh crore in Uttar Pradesh.
Speaking at the Uttar Pradesh Global Investors Summit 2023, the leaders of these businesses houses promised investments across their various business verticals to boost the state's economy.
"Today, Uttar Pradesh can rightly be considered one of the key states driving India's journey towards a $5 trillion economy," Kumar Mangalam Birla, the chairman of the Aditya Birla Group, told government officials, investors, and industrialists present at the summit.
"Therefore, we are committing further investments to the tune of Rs 25,000 crore across our businesses—cement, metals, chemicals, financial services, and renewable energy," he added.
The group, over the past years, have invested a total of Rs 40,000 crore in the state. Today, seven of the group's businesses have a significant presence in Uttar Pradesh, anchored by over 30,000 people across operations, Birla added.
Reliance Industries also made further financial commitments in the state.
"We plan to invest an additional Rs. 75,000 crore in Uttar Pradesh over the next four years across Jio, retail, and renewable businesses," Reliance Industries Chairman Mukesh Ambani said.
The new investments will create an additional over 1 lakh jobs in the state, he added.
Ambani elaborated on the commitments:
Jio will complete its rollout of 5G to cover every town and village in the state by the end of 2023. Jio Platforms will help modernise all areas of business and industry, agriculture, the social sector, and governance.
Reliance Retail will revolutionise hundreds of thousands of "Kirana" stores or grocery stores across Uttar Pradesh, enabling them to grow and earn more.
It will increase the sourcing of a wide range of agricultural and non-agricultural products from the state, benefiting local farmers, artisans, craftsmen, MSMEs, and the supply chain ecosystem in the state.
It will set up a 10 GW renewable energy capacity—the largest in Uttar Pradesh—and also start a new bioenergy business.
Tata Group, Dixon Technologies Share Plans
N Chandrasekaran, chairman of Tata Sons, said the opportunity for tourism is "unparalleled" in the state of Uttar Pradesh. "Our hotel business sees tremendous opportunity in the state because of the tourism that is going to come, both religious tourism and wildlife tourism, among others."
The group, which has a long history of presence in the state with 18 group companies, is on a huge expansion across verticals in the state, Chandrasekaran said.
He said Air India, which the group recently acquired, will strive to connect every part of Uttar Pradesh with the rest of the country as well as important destinations around the world.
The group already has huge investments in Noida for its software firm, Tata Consultancy Services Ltd., and Air India, the chairman of the Tata Group said. The group, along with Zurich Airport, is going to build an integrated multi-modal air cargo system through Air India, Chandrasekaran added.
Dixon Technologies Ltd., which has eight state-of-the-art factories in Uttar Pradesh for manufacturing mobile phones, televisions, LED lights, and more, is also looking to expand its presence in the state.
"We are opening three more Centres of Excellence for manufacturing in the state," Chairman Sunil Vachani said at the summit.
The first centre, he added, is for manufacturing consumer and telecom products. These products will not only be made in India, but they'll be designed in India for the world, he said.
Dixon Technologies will also open a centre for smartwatches, wearables, and hearables, while the third factory will be dedicated to manufacturing refrigerators.
"Once these factories are operational, they will create job opportunities for almost 10,000 people," Vachani said.
Watch the summit here:
