Over the next four years, Reliance Industries Chairman Mukesh Ambani will invest Rs 75,000 crore in rolling out 5G mobile telephony services, expanding retail networks, and establishing renewable energy capacity. Similarly, Aditya Birla Group Chairman Kumar Mangalam Birla stated that his company has committed Rs 25,000 crore in investment in the state across its various businesses including cement, metals, chemicals, financial services, and renewable energy.
Tata Sons Chairman N Chandrasekaran announced that Air India SATS, a subsidiary of Tata Sons, will establish an integrated multi-modal cargo hub at the upcoming Jewar airport in collaboration with Zurich Airport. In his speech at the event, Ambani also announced the oil-to-telecom conglomerate's entry into the bio-energy business, which will convert agricultural waste into gas that can be used as fuel in industries, to power automobiles, or to light kitchen stoves.
In the next 10 months, his group will install 10 GW of renewable energy capacity and roll out 5G services across the state. "Over the next four years, we plan to invest an additional Rs 75,000 crore in UP across Jio, retail, and renewable businesses," he said. "These new investments will create over 1 lakh new jobs in the state," Ambani said, adding that the money will be added to the Rs 50,000 crore already invested in the state.
Reliance Jio, the country's largest telecom company by subscribers, plans to finish rolling out 5G to every town and village in the state by December 2023. He stated that this will help modernize all areas of business and industry, agriculture, social sector, and governance, and that the company plans to conduct pilots on its two new innovative initiatives- Jio School and Jio AI Doctor- to bring top-class education and healthcare to villages and small towns across Uttar Pradesh at the most affordable cost.
"As an early investor in the state's industrial journey, we feel enthused by the rapid progress that the state is making," Birla said in his address. Today, the state is rightfully regarded as one of the key states driving India's journey to a USD 5 trillion economy, he said. "As a result, we are committing an additional Rs 25,000 crore in investments across our businesses, cement, metals, chemicals, financial services, and renewable energy," he added. He also stated that the group's seven businesses have a strong presence in Uttar Pradesh, with over 30,000 employees and a total investment of Rs 40,000 crore.
Investors are already taking notice of Uttar Pradesh's changing face, as the state has attracted FDI worth USD 1.1 billion over the last three years ending September 2022, according to Birla, who added that the state was previously a laggard in industrial development despite having a large consumption base. "That picture is gradually and dramatically shifting. "This is due to a pragmatic and business-friendly administration, as well as the rapid pace of infrastructure development," he said.
Chandrasekaran stated that the group's acquisition of national carrier Air India last year has plans to connect every part of Uttar Pradesh to the rest of India and potentially to important global destinations. "I am pleased to announce that we will construct an integrated multi-modal air cargo (hub) in the new Jewar airport in collaboration with our partner Zurich Airport," he said. Air India SATS is the airline's ground handling services division.
Chandrasekaran said the group's hotel business "sees tremendous opportunities in the state because of the tourism that's going to come, both religious tourism as well as wildlife and other aspects that attract tourists". "Air India has a detailed plan to connect every part of Uttar Pradesh to the rest of India and potentially to important global destinations," he added.
He also stated that the Tata Group already has a significant presence in Uttar Pradesh through steel, automotive, retail, financial, and power firms, in addition to TCS. "18 Tata Group companies have a significant presence (in UP)," he says, adding that 50,000 people are employed.
"We already have significant investments in Noida, both from TCS and from Air India," he said. UP is also "absolutely well placed," according to Chandrasekaran, to become a "trillion-dollar economy when India reaches USD 5 trillion, and then again when India reaches USD 10 trillion. Agriculture, manufacturing, and tourism, he said, have huge potential to contribute to the state's growth.
