Mumbai: Uttar Pradesh Chief Minister Yogi Adityanath attended the bell ceremony at the Bombay Stock Exchange (BSE) today for listing the 200-crore Lucknow Municipal Corporation (LMC) bond, a first of its kind event in the history of UP and the entire northern region. The CM interacted with the business and Bollywood communities in a bid to attract investment in Uttar Pradesh and rolled out a roadmap for the development of industries and film city in Uttar Pradesh.
Investing in UP
Chief Minister interacted with Shri N Chandrasekaran, Chairman, Tata Sons Pvt Ltd, Dr Niranjan Hiranandani, CMD, Hiranandani Group, Mr. Sanjay Nayar, Partner & CEO, KKR India Advisors Private Ltd, Mr. Suprakash Chaudhuri, Vice President & MD, Siemens Industry Software Ltd, Mr. S N Subrahmanyan, CEO & MD, L&T Ltd and Mr. Baba Kalyani, Chairman, Kalyani Group. The business leaders acknowledged the herculean effort of Government of Uttar Pradesh that has undertaken to take the plunge at the second spot in the Ease of Doing Business parameters.
The delegate congratulated the CM for making the state the most preferred investment destination. Furthermore, Mohd. Ali, Jefferson Medical College of Thomas Jefferson University, Dr. Santrupt Mishra. Aditya Birla Group, Shri Amit Nayyar, President, One97 Communications Ltd; Shri Jaspal Bindra, Executive Chairman, Centrum Capital Ltd, Shri Vikas Jain, Director, A K Capital Services Ltd and Sumit Narang, Samara India Advisors were also present.
Tata Son’s commitment to investing in end to end electronics manufacturing in the upcoming Electronics City planned near Jewar Airport, Mr. Sanjay Nayar, Partner & CEO, KKR India Advisors Private Ltd suggestion of bringing investment in Agri supply chain including cold storage, farm mechanization, warehousing and other such investment proposition have boosted the investor’s confidence in the state. The other dignitaries too are confident on investing in the state and have submitted plans and proposals to the UP government. Moving ahead, Uttar Pradesh will compete globally in terms of infrastructure. The state’s population is a resource and a market for investors. There is a lot of potential in the tourism, medical, one district one product and MSME sector.
Chief Minister Yogi Adityanath invited well-known industrialists of the country for investing in Uttar Pradesh and also informed them about the large-scale infrastructure development done in the state. The state government’s largest greenfield airport in Asia at Jewar (Noida), Purvanchal Link and the Bundelkhand Expressway which is under construction is touted to be a well-developed industrial corridor in the country. This advancement will create industrial clusters for one district one product.
Lucknow Municipal Corporation bond embarks on BSE
The LMC bond has an AA rating by India Ratings and AA (CE) by Brickworks Rating. It was launched on November 13, and oversubscribed 4.5 times and closed at 8.5 per cent coupon rate for 10 years, which makes it the second lowest rate of all the municipal bonds launched till date. The funds raised through the bond will be invested in various infrastructure schemes in the state capital, including the water supply project and housing project being implemented under the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) Scheme. The delegation led by the Hon’ble Chief Minister for the launch also comprised of many senior bureaucrats.
Speaking on the occasion of the launch of LMC bonds Ajay Kumar Dwivedi, Municipal Commissioner Lucknow said, “We are happy with the success of first bond issue of Lucknow Municipal Corporation which was oversubscribed by 4.5 times. This shows the investor’s confidence in the financial discipline of Lucknow Municipal Corporation. It is a proud moment not only for Lucknow Municipal Corporation, but for the entire State of Uttar Pradesh. We would like to thank the entire team of BSE for providing a robust platform for smooth bond issuance”.
Uttar Pradesh Cabinet Ministers Siddarth Nath Singh, Ashutosh Tandon, and Additional Chief Secretary (Information Department) Navneet Sehgal visited BSE to oversee the preparations for the listing ceremony.
Boost for Defence corridor project
The defence corridor project also got a shot in the arm when the 12-member delegation led by Mr. S P Shukla, Chairman, FICCI Defence and Aerospace Committee and Group President (Defence, Aerospace, Agri and Steel) & Member of the Group Executive Board, Mahindra Group, met the Hon’ble CM. The dignitaries complimented the CM for fast tracking investments proposals in the state and expediting the Defence Corridor. The Defence Industrial Corridor is planned over 5000 hectares of land, of which 3796 hectares of land has been identified and total 1321.92 hectares of land has been acquired, including 1122 hectares in Jhansi & Chitrakoot alone. The corridor is being developed along the Bundelkhand Expressway. IIT- Kanpur is the Technology partner for shaping up the defence industrial corridor. Uttar Pradesh is poised well to maximize India’s potential in defence & aerospace manufacturing.
Setting up medical college on PPP model: Yogi
Lack of medical colleges and super specialty hospitals in many districts of the state may induce investors for setting up medical colleges on PPP model. By implementing this model across districts within the state may help ease the shortage of hospitals and medical colleges.