Context:
Recently, Uttar Pradesh government issued environment clearance (EC) and letter of comfort (LOC) to five foreign companies and five Fortune India 500 listed companies.
- The combined investment of Fortune India 500 listed companies and FDI is over Rs 12,000 crore.
- These projects have been approved under the Foreign Direct Investment (FDI) /Foreign Capital Investment (FCI) policy 2023(also known as UP Foreign Direct Investment (FDI) Fortune Global 500 & Fortune India 500 Companies’ Investment Promotion Policy-2023) of the state government.
More on the News:
- The FDI has come from three US-based companies, one each from Japan and Poland.
- The Pine Valley, Ursaclusters and Vision Source are from the US.
- Fuji Silvertech is from Japan and Canpack from Poland.
- The five Fortune India 500 listed companies are Havells, Minda Corp. TI Medicals, Ashok Leyland and International Tractors.
Initiatives of UP Government to promote FDI
- Roadshow in foreign nations: CM Yogi Adityanath will lead a high-level delegation for a roadshow in Singapore and Japan as part of the government’s plan to invite foreign companies to invest in Uttar Pradesh.
- Other upcoming investment roadshows are planned in Taiwan, Germany, France, Singapore, Russia, Japan, and the UAE.
- Dedicated foreign desk: Invest UP has set up a dedicated foreign desk for Japan, Taiwan, Germany, France, Singapore, Russia, and the UAE to attract investment.
