Essel Infraprojects Limited (EIL) an enterprise of Dr. Subhash Chandra led Essel Group, committed an investment of INR18, 750Crores for the development of infrastructure in the state of Uttar Pradesh.
EIL inked Memorandum of Understanding to this effect at the UP Investors Summit in Lucknow on Wednesday.
Congratulating the UP Government and the Chief Minister Yogi Adityanath, Member of Parliament, Rajya Sabha and Chairman – ZEE & Essel Group, Dr. Subhash Chandra said the event had opened up the state to the global audience.
“Compared to any other state, Uttar Pradesh has a huge potential to attract investments with its natural resources and human resources and under the able leadership of Shri Adityanathji, we can already see the signs of transformation,” said Dr.Chandra.
He also added that the company’s investment through these MoUs will generate more than 54000 employment activities.
Essel Infraprojects Limited, through these MOUs, will cover sectors like energy, roads and tourism. An effort will be to improve power transmission and distribution in the state and also to bring in the company’s expertise in expressway Development and other road projects. Essel has also pledged to invest in projects of waste management, 24×7 water supply and smart cities. The company has also prepared a vision document for the Smart City Governance Framework and Revenue Model for Integrated, Inclusive and Sustainable Smart Cities in India. In addition, EIL will also invest towards CSR, training and development of the youth in the State.
The company has also committed an investment of INR 5000 Crores for developing road projects in the state and to the tune of INR 3000 Crores each for boosting intrastate E-Buses project and Solar plants in addition to INR 1000 Cr in building theme based parks within the state. Other areas of support would include the development of e-rickshaw with battery charging and swapping stations with an investment of INR 500 Cr, bus terminus development having an investment of INR 750 Cr, Power Transmission projects & Power Distribution and MSW to the tune of INR 1000 Cr each to name a few. The projects are expected to commence by the Financial Year 2019.