Four companies to get 190 crore incentives
Lucknow: In a move to boost investor confidence, the Uttar Pradesh govt has approved the disbursal of around Rs 190 crore as financial incentives to four major companies, including global electronics giant Samsung India Electronics Private Limited, under UP Industrial Investment and Employment Promotion Policy.
The decision was formally approved by state industrial development minister Nand Gopal Gupta 'Nandi', following a proposal submitted by the department of industrial development. "The incentives are aimed at supporting large-scale investments, encouraging industrial expansion, and generating employment across the state," he said.
Sharing details, he said, "Samsung India Electronics Private Limited, Noida, will receive the largest share, Rs 124.5 crore, as its Noida facility plays a critical role in Samsung's global supply chain, manufacturing over 25% of the company's smartphones sold worldwide.
This solidifies Noida's status as India's mobile manufacturing hub."
"Likewise, Varun Beverages Limited, which operates a major PepsiCo bottling plant in Sandila, Hardoi, has been allotted Rs 42 crore to support beverage production and distribution across northern India. LG Electronics India Pvt Ltd will receive Rs 20.49 crore to aid expansion and job creation within UP's growing electronics manufacturing ecosystem.Lastly, Paswara Papers Ltd, Meerut, has been allocated Rs 2.57 crore to facilitate green technology upgrades and enhance paper manufacturing capacity," he said.
"Before 2017, industries were fleeing UP. Now, under CM Yogi's leadership, the state has become a preferred destination for global and domestic investors, thanks to policy stability, transparent governance, and investor-friendly incentives," Nandi added.
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