Investors Summit: Adani to invest Rs 70,000 cr in UP, create 30,000 jobs

Prominent industrialist Gautam Adani committed to invest Rs 70,000 crore in Uttar Pradesh at the third edition of the UP Investors Summit in Lucknow on Friday. Speaking at the event, the billionaire investor said that this investment will create 30,000 jobs in India’s most populous state. Of this investment, Rs 11,000 crore has already been spent on projects like transmission and green energy.

“We are investing over Rs 70,000 crore in the state. We expect this investment to create more than 30,000 jobs,” Adani said. The group is investing Rs 24,000 crore on road and transport infrastructure and Rs 35,000 crore on multi-modal logistics and defense sector.

In addition, it is in the process of setting up South Asia’s largest ammunition complex at Kanpur. Ashish Rajvanshi, President and CEO, Adani Defense and Aerospace, said, “The ammunition complex will have state-of-the-art technology in short-range air defense missiles as well as small and medium caliber ammunition. It will be a major contributor to India’s goal of achieving exports of $5 billion in defense manufacturing.

On the eve of the signing of the MoU, Avnish Kumar Awasthi, CEO and Additional Chief Secretary, UP Expressway and Industrial Development Authority (UPEIDA) said that the project is going to prove to be a milestone in the history of indigenous defense manufacturing.

Other prominent industrialists including Kumar Mangalam Birla, Sajjan Jindal, and mukesh ambaniK’s son Anant is likely to attend the event, assisting the authorities.
Earlier in the day, Prime Minister Narendra Modi Participated in the foundation stone laying ceremony of the summit, during which he laid the foundation stone of 1,406 projects worth over Rs 80,000 crore.

He said, ‘I believe that Uttar Pradesh itself will accelerate India’s growth story in the 21st century. In the next 10 years, Uttar Pradesh will be a big driving force for India,” Modi said. According to an official statement, investments in Friday’s ceremony will fund at least 805 projects in the micro, small and medium enterprises sector, 275 in agriculture and allied industries and 65 in pharmaceuticals and medical supplies.

The first UP Investors Summit was held in 2018 and the second in 2019.

(with agency input)