Lucknow: Uttar Pradesh has signed memoranda of understanding worth over Rs 2.45 lakh crore with more than dozens of companies at the World Economic Forum in Davos, marking one of the state’s most significant investment drives, state officials said.
The agreements span data centres, energy projects, electric vehicles and solar power, according to UP Investment Department.
The centrepiece is a $25 billion (approximately Rs 2.29 lakh crore) agreement with Indian firm AM Green, which officials described as the single largest investment commitment ever secured by the state. The project will involve setting up a 1-gigawatt AI hyperscale data centre in Greater Noida over five years, focused on large-scale processing for next-generation artificial intelligence workloads, a senior government official told ThePrint.
Among other domestic partnerships, SAEL Industries will invest Rs 8,000 crore in waste-to-energy projects, while ESSAR group committed Rs 25,000 crore for power and energy initiatives. NIBE signed a Rs 500 crore agreement for a green manufacturing park and artillery explosives facility, and Promoteq AB India pledged Rs 100 crore for a Promoteq India hub. INOXGFL Group also signed an MoU for solar power projects, though the investment amount was not disclosed.
International firms featured prominently in the agreements. US-based Yeoman will invest Rs 150 crore in weapons systems integration and manufacturing, and UK firm TWI Group of Companies committed Rs 1,100 crore for hybrid EC motorcycles. Sweden’s Promoteq pledged Rs 500 crore for manufacturing projects, and Australia’s Arna Pharma signed a Rs 1,250 crore-deal for biological pharmaceutical manufacturing.
NTPC Green Energy Limited also signed a non-financial MoU with the state government to collaborate on renewable energy and green hydrogen projects.
An official said the ESSAR partnership would focus on power and energy systems, logistics and warehousing, and data centres, aligned with India’s vision for resilient infrastructure and next-generation digital ecosystems. The initiative is expected to strengthen energy security, boost supply chain efficiency and create employment.
UP Finance and Parliamentary Affairs Minister Suresh Kumar Khanna led the state delegation at the summit, accompanied by senior officials. The team held discussions with global companies on AI and digital innovation, green hydrogen, finance, manufacturing, infrastructure, clean technology, healthcare and public health.
Officials expressed confidence that a significant share of the MoUs would translate into actual projects in coming years.
UP Invest CEO Vijay Kiran Anand told ThePrint that over 130 meetings were held, including with 60 international companies. “The remaining meetings involved Indian firms, many of which discussed global partnerships, technologies, and capital tie-ups,” he said, adding that further discussions and follow-ups will translate to investments.
Uttar Pradesh has implemented one-third of investment proposals secured through previous summits. The state had signed MoUs worth Rs 38 lakh crore in investment summits in 2018 and 2023. Of this, 32 percent of the projects — worth Rs 12 lakh crore — were executed, according to an analysis of ground-breaking ceremonies held after the agreements were signed.
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