Gautam Budh Nagar emerged as the top district for investors during the Uttar Pradesh Global Investors Summit 2023, accounting for about one-third of all the planned proposals by value.
Ikea, the Lulu Group and Adani Group were among the major entities who proposed to invest Rs 10.3 lakh crore in projects in the state, officials privy to the development said.
Domestic and international companies evinced interest in investing in sectors such as industry, manufacturing, real estate, commercial, retail, logistics and services in the region in and around Noida, located near the national capital.
“Gautam Budh Nagar district has so far attracted the maximum investment proposals to the tune of over Rs 10.29 crore since the announcement of the UP Global Investors Summit in November 2022,” Anil Kumar, deputy commissioner (industries), told Moneycontrol. “During the summit, Noida stood first among districts of Uttar Pradesh in terms of attracting investment and generating employment opportunities.”
The UP Global Investors Summit 2023 was organised in Lucknow from February 10 to 12.
Employment potential
Over 60 percent of the investment proposals are for manufacturing projects and the remaining are in real estate, retail, institutional, logistics, banking, and horticulture, among others.
Kumar said the three development authorities based and 31 departments based in the district signed 1,436 memoranda of understanding with domestic and international companies in various sectors. The planned investments will provide employment to an estimated 2.6 million people.
Gautam Budh Nagar has three development authorities – Noida Authority, Greater Noida Industrial Development Authority (GNIDA) and Yamuna Expressway Industrial Development Authority (YEIDA).
According to officials, investors are flocking to Gautam Budh Nagar, especially the YEIDA region, in view of the upcoming Noida International Airport in Jewar.
They said the big companies that have shown investment interest in the region include Ikea, Lulu Group, Singapore-based SATS, M3M Group, Godrej and Adani Group.
An official said cumulatively, the three authorities signed almost 600 MoUs for investments worth over Rs 3.14 lakh crore. If realised, these investments alone will create over 766,000 jobs.
An official at YEIDA said it received a very good response from investors at the summit with investment proposals worth over Rs 1.14 lakh crore.
“Most of these investments are made in manufacturing industry sector as several big-ticket projects such as the toy park, medical devices manufacturing park, IT parks, data centre park, film city, EV manufacturing hubs, apparel park, and handicraft park are coming up in the YEIDA region alongside the Yamuna Expressway,” the official said.
SATS has inked an MoU of Rs 800 crore to develop cargo and logistics facilities at the upcoming Noida International Airport.
The Adani Group showed interest in developing an industrial and warehousing complex near the airport in the YEIDA region. The group has sought 700 acres of land for this, another official said.
Real estate, retail
Noida and GNIDA officials said that investment proposals of over Rs 1 lakh crore each were signed by companies in real estate, industry, commercial and institutional sectors.
A Noida Authority official said 18 companies signed MoUs for investments of above Rs 1,000 crore each, while more than 13 agreed to invest over Rs 500 crore each in Noida.
M3M India proposed to invest Rs 7,500 crore, while Ikea (INGKA group) has pledged an investment of Rs 4,300 crore in the region.
Other major investors in the real estate and retail sectors that signed MoUs for investments in Noida include Godrej Properties (Rs 2,400 crore), Clearlake (Rs 4,000 crore), Theme Country (Rs 3,200 crore), Fairfox Infra (Rs 2,000 crore), Roseberry Estate (Rs 2,000 crore), Mahagun Infratech (Rs 1,800 crore), and Canciller Consultancy (Rs 1,200 crore), the official said.
The Lulu Group is likely to invest Rs 2,500 crore to open a mall and a hotel in Noida.
In 2022, big names invested in the twin cities of Noida and Greater Noida. The Tatas, Godrej, and Ikea set up shop, while Lulu signed an MoU with the Uttar Pradesh government to set up six shopping malls and one hotel in the state.
Investment proposals worth Rs 33.5 lakh crore were received at the Global Investors Summit with the potential to create 9.3 million jobs, Uttar Pradesh chief minister Yogi Adityanath said at the summit on February 12.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
