UP news: Accelerating Implementation of Mega Projects

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UP news: Accelerating Implementation of Mega Projects

UP news:

Lucknow:The Uttar Pradesh government is taking important steps to attract investors and speed up the execution of proposed mega projects. By signing the agreements during the prestigious Global Investors Summit 2023 in Lucknow, the government aims to provide incentives, special facilities and concessions that will fuel the realization of these ambitious ventures.

The information we bring highlights the state’s proactive approach by emphasizing on the allocation of over ₹146 crore for reimbursement of the first installment of concessions for eight mega projects under the Uttar Pradesh Industrial Investment Policy.

Fund allocation for mega industrial projects

To support the setting up of mega industrial projects within Uttar Pradesh, the state government has taken a commendable step by allocating over ₹146 crore for reimbursement of the initial installment of concessions. These concessions were promised to eight projects that signed agreements with the government during the Global Investors Summit 2023 held in Lucknow from February 10 to 12. By extending these incentives, the government aims to speed up the implementation of these proposed mega projects.

Reimbursement for Mega Projects

Several notable mega projects have already received the first installment of incentive reimbursement. Notable among these are Jaypee Cement in Aligarh, RCCPL Private Limited in Rae Bareli and Gallant Ispat Limited in Gorakhpur. Infrastructure and Industrial Development Commissioner (IIDC), Manoj Kumar chaired a meeting in which the reimbursement process for these industrial undertakings was discussed and determined based on their eligibility criteria.

For example, JK Cement Works, Aligarh, a unit of JK Cement Limited, will get a total incentive of Rs 21.85 crore for the financial year 2020-21 and an additional Rs 12.52 crore for 2021-2022. Similarly, Paswara Papers Ltd in Meerut is set to be reimbursed ₹12.65 crore as incentive, said a media handout released by the government.

In addition, Varun Beverages Limited at Sandila, Hardoi will receive ₹8.52 crore as incentive reimbursement for the year 2021-22. Gallant Ispat Limited in Gorakhpur will be given reimbursement of ₹15.96 crore, which will be divided into two categories – ₹6.88 crore and ₹9.08 crore. These reimbursements are an important step in encouraging the growth and development of mega projects in Uttar Pradesh, as stated in the media handout.

Additional reimbursement includes Sparsh Industries Pvt Ltd in Kanpur Dehat, which is eligible for ₹3.66 crore, and RCCPL Pvt Ltd in Rae Bareli, which will receive ₹46.55 crore. Shree Cement Pvt Ltd in Bulandshahr will also be given the first installment of Rs 24.28 crore in three different categories, which will boost their efforts.

Lastly, the Government of Uttar Pradesh is steadfast in its mission to accelerate the realization of mega projects through strategic incentives, special facilities, and concessions. By allocating funds for reimbursement of the first installment of concessions to the eight mega projects, the Government demonstrates its commitment to foster an environment conducive to investment and growth. With its proactive approach, the state aims to take Uttar Pradesh to new heights, create an ecosystem that attracts both domestic and international investors, and pave the way for unprecedented growth and progress. news source

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