Sharaf Group, Lulu Group and DP World sign multi-million MoU with UP Government

10x Industry

Mita Srinivasan
10x Industry
Published:

Sharaf Group, Lulu Group and DP World sign multi-million MoU with UP Government

UP government hosts more than 21 business meetings resulting in investments from leading businesses in the UAE including Sharaf Group, Lulu Group and DP World

Government of Uttar Pradesh signed an MoU of INR 500 crore (close to USD 66 million and expected to double) with Sharaf Group which has shown interest in the development of multimodal logistics parks with rail and road connectivity at Kanpur, Moradabad and Varanasi. The MoU was signed at the end of the Uttar Pradesh Week hosted at the Indian Pavilion in Expo 2020. The MoU was signed by Maneesh Chauhan, Director, Industries at Government of Uttar Pradesh.

Additionally, Lulu Group plans to invest INR 500 crore for establishing food processing units in Uttar Pradesh. DP World also agreed to participate in the tender process for development of multi modal logistics hub (MMLH) at Dadri, UP.

According to Saleem V.I., Chief Operating Officer at Lulu Group International said, “As of last year, we have done around INR 4,000 crores of exports from India and more than 50 percent is from Uttar Pradesh. Our intention is to increase exports from India by 35 percent in the coming years. With the investment plans, we are hoping to generate direct employment of 5000 and indirect employment of 10,000 in the country. We will also be opening hypermarkets in cities like Kanpur and Noida.”

Highlighting the (UP) state’s performance on business indicators, Satish Mahana, Minister for Industrial Development, Government of Uttar Pradesh said, “UP jumped 12 positions to be second in India on ‘Ease of Doing Business’ ranking and has jumped seven positions to rank sixth in India on ‘Logistics Ease Across Different States’ survey. The State Government has introduced more than 21 policies and various land reforms to support investor needs.”

According to the Minister, Uttar Pradesh has witnessed a high MoU conversion rate in India. The State’s exports registered a steep rise of nearly 36 percent between FY18-20. He invited global investors to take advantage of the state’s vibrant policy-based governance approach and various land reforms that support investor needs.