Investor Summit: Adani to invest Rs 70,000 crore in UP and create 30,000 jobs

On Friday, leading industrialist Gautam Adani committed a Rs 70,000 crore investment in Uttar Pradesh during the third edition of the UP Investors Summit in Lucknow. Speaking at the event, the billionaire investor said the investment will create 30,000 jobs in India’s most populous state. Out of this investment, Rs 11,000 crore has already been spent on projects such as transmission and green power.

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

Additionally, it is setting up the largest ammunition complex in South Asia at Kanpur. Ashish Rajvanshi, President and CEO of Adani Defense & Aerospace, said: “The Munitions Complex will have state-of-the-art technology for small and medium caliber munitions, as well as short-range air defense missiles. . This will be a key enabler in India’s goal of reaching $5.0 billion in defense manufacturing exports.

Speaking on the eve of the signing of the MoU, Awanish Kumar Awasthi, CEO, UP Expressways & Industrial Development Authority (UPEIDA) and Additional Chief Secretary, said this project will prove to be a milestone in the history of indigenous defense manufacturing.

Other prominent industrialists including Kumar Mangalam Birla, Sajjan Jindal and Mukesh Ambani’s son Anant are likely to attend the event, officials said.
Earlier in the day, Prime Minister Narendra Modi attended the inaugural ceremony of the summit, during which he laid the foundation stone for 1,406 projects worth over Rs 80,000 crore.

“I believe it is Uttar Pradesh that will give impetus to India’s growth story in the 21st century. Over the next 10 years, Uttar Pradesh will be a big driving force for India,” Modi said. According to an official statement, the investment in Friday’s ceremony will fund at least 805 projects in the micro, small and medium enterprise sector, 275 in agriculture and related industries, and 65 in pharmaceuticals and medical supplies.

The first UP Investors Summit took place in 2018 and the second in 2019.

(With contributions from the agency)