Lucknow: Uttar Pradesh is gearing up for a major Japanese investment push, with three projects proposed by Escorts Kubota and Minda Corporation in YEIDA with a combined investment of Rs 3,191 crore. They are expected to generate more than 10,000 jobs.
The state government is also planning a dedicated 500-acre ‘Japanese City’ in the Yamuna Expressway Industrial Development Authority (YEIDA) area near Greater Noida.
Uttar Pradesh government officials said Escorts Kubota—a joint venture between the Indian engineering conglomerate Escorts Limited and Japan’s Kubota Corporation—will invest around Rs 2,025 crore in Sector 10 of YEIDA to manufacture tractors, construction equipment and allied products for domestic and export markets. The project is expected to create more than 3,800 jobs.
Minda Corporation has proposed two projects in Sectors 10 and 24 of the industrial zone, involving an investment of around Rs 1,166 crore. Together, they are expected to generate around 6,440 jobs.
The proposed ‘Japanese City’ in YEIDA is expected to provide a dedicated base for Japanese manufacturers and strengthen a wider Japan-Uttar Pradesh manufacturing ecosystem, with Escorts Kubota’s Rs. 2,025-crore project in Sector 10 at its centre.
The investment push follows Chief Minister Yogi Adityanath’s visit to Japan in February, during which he met CEOs of several Japanese companies and sought to attract investment to Uttar Pradesh.
“It’s his vision to bring Japanese investors to Uttar Pradesh. He planned a separate investor meet with them,” a senior functionary at the Chief Minister’s Office told ThePrint.
On Wednesday, a high-level CEO roundtable—UP-Japan Investment Meet—was held at a five-start hotel in New Delhi. Senior representatives of JETRO, Escorts Kubota, Kubota Corporation Japan, Toshiba India, Motherson Group, Setolas Asia, Honda Trading Corporation India, Daikin Airconditioning India, Sumitomo Corporation India, Spark Minda Toyo Denso and Panasonic among others, participated in discussions on expansion, technology partnerships and investment opportunities in Uttar Pradesh.
At the roundtable, Chief Minister Yogi Adityanath assured the investors that the state government would provide all possible support and urged them to expand their industrial and business activities in Uttar Pradesh.
”The government will ensure that investors do not face unnecessary difficulties at any level” he said.
Yogi said suggestions made by investors during the meeting would be examined seriously and practical problems would be addressed. He also highlighted the state’s large young workforce and said the government was providing opportunities for skilling and upskilling according to industry requirements.
”Uttar Pradesh has a large young manpower base. We are providing skilling and upskilling opportunities to our youth as per the needs of industries,” he said.
”Jo Hum Kehte hain..wo Karte hain.” (Whatever we say, we always bring it to the ground,” Yogi said, adding that investors could see the changes in law and order, connectivity, infrastructure and the industrial environment themselves.
UP Invest department officials told ThePrint, the main state-level ‘UP-Japan Investment Meet’ will be held on August 21 in Lucknow. Government-to-business and business-to-business (B2B) sessions will facilitate direct interaction between Japanese investors, the state government and Indian business groups.
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‘An important milestone’
During the Wednesday meeting Shingo Hanada, the president and CEO of Kubota Corporation, Japan, said the virtual groundbreaking ceremony of the company’s new manufacturing facility marked an important milestone in its partnership with Uttar Pradesh.
”Today marks an important milestone for Kubota as we expand our long-term commitment and partnership with Uttar Pradesh,” Hanada said, while thanking the Union and state governments, Invest UP and other partners for their support.
He said Uttar Pradesh had emerged as one of India’s fastest-growing industrial centres.
”Our investment in Uttar Pradesh reflects our long-term confidence in the state’s potential,” he said, adding that industry also wanted to contribute to India’s journey towards becoming a developed and stronger economy.
“Kubota and our Indian partners share the ambition of creating a strong export base for the future,” Hanada said, adding that Japanese technology combined with the local understanding and capabilities of Indian partners could create new opportunities.
Akash Minda, the executive director of Minda Corporation Ltd, said Uttar Pradesh has become a state of possibilities and new opportunities.
”Uttar Pradesh is not only building infrastructure, but is also building investor confidence and industrial confidence,” Minda said. “Uttar Pradesh is extremely important for Spark Minda, and we are committed to expanding our presence here on a much larger scale,” he said.
The company is looking to increase investment in advanced technology, motor parts, electric vehicle products, electronics, and design and development centres. It is also pursuing deeper localisation and backward integration, with partnerships with Japanese companies expected to be important.
Minda said the company was looking at creating an additional 6,000-8,000 jobs in Uttar Pradesh as it expands. He urged Japanese and global companies to explore investment opportunities in the state.
“Japan brings world-class technology, global quality and precision manufacturing, while Uttar Pradesh brings scale, talent, infrastructure, policy support, a large market and a business-friendly environment,” he said.
The combination, he added, could help Uttar Pradesh emerge as an important global manufacturing hub.
(Edited by Ajeet Tiwari)
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