UP Secures Rs 7,600 Cr FDI Proposals Across Packaging, Food Processing And Plastics

Lucknow, Sep 18 (KNN) Uttar Pradesh has secured fresh foreign direct investment (FDI) proposals worth around Rs 7,600 crore across packaging, food processing and plastics, with five greenfield projects proposed by Indian subsidiaries of industrial groups from the US, Poland and Belgium.

The projects are being facilitated under the Uttar Pradesh FDI/FCI, Fortune Global 500 and Fortune India 500 Company Investment Promotion Policy 2023.

Two Major Packaging Projects

Ball Beverage Packaging India, the Indian subsidiary of US-based Ball Corporation, has proposed an investment of Rs 2,913 crore to establish an aluminium beverage can manufacturing facility at the Integrated Manufacturing & Logistics Cluster (IMLC) in Meerut.

Crown Packaging India, a subsidiary of US-based Crown Holdings, will invest Rs 2,078 crore in an aluminium can manufacturing facility at IMLC Unnao to serve the domestic beverage industry.

The 40-acre Crown facility is the company’s first manufacturing plant in India and is expected to generate around 1,700 jobs across logistics, warehousing, transportation, maintenance, supplier networks and ancillary industries, reported Business Standard.

Three Projects To Get Government Support

The UP Industrial Development Department will issue Letters of Comfort (LoCs) for three other projects involving investments of over Rs 2,606 crore.

Agristo Masa Pvt Ltd, a joint venture of Belgium-based Agristo NV, will invest over Rs 794 crore in a French fries manufacturing plant in Bijnor.

Canpack India, a subsidiary of Poland-based Giorgi Global Holdings, has proposed Rs 1,574 crore for an aluminium beverage can plant in Unnao, while Supreme Industries Ltd plans to invest Rs 238 crore in manufacturing value-added plastic products in Kanpur Dehat.

A Letter of Comfort is a non-binding document issued to a lending institution indicating that the government is aware of and supports a company’s proposed borrowing.

Focus On Grounding Projects

Uttar Pradesh Industrial Development Minister Nand Gopal Gupta ‘Nandi’ said the state government was focused not only on facilitating investments but also on ensuring that projects are grounded.

He said the investments reflected the state’s progress towards its USD 1 trillion economy target and attributed the growing investor interest to its 36-plus sectoral policies.

(KNN Bureau)