Austin University to invest $42 billion for smart city project in Uttar Pradesh

The Uttar Pradesh (UP) government has signed a memorandum of understanding (MoU) with the US-based Austin University for the construction of a Smart City of Knowledge in the state.

The Knowledge City will house the top colleges in the world and will be constructed on 5,000 acres of land for $42 billion, according to an official announcement. While SLG Group will construct Capital Data Centre, The Star Consortium will offer data centre and logistics services in the state.

The state’s citizens will have access to thousands of job possibilities thanks to these investment plans, the statement stated. The government has set a goal to attract investments of Rs. 10 lakh crore through the Global Investors Summit, which will take place in Lucknow, the capital of Uttar Pradesh, from February 10 to February 12.

Eight teams of ministers and government representatives are travelling to 18 nations to promote investments at road shows and trade exhibits. In San Francisco, Minister Suresh Kumar Khanna and Additional Chief Secretary (Infrastructure and Industrial Development) Arvind Kumar also signed an MoU with the Saloni Heart Foundation, a US-based organisation.

The Knowledge City Initiative is anticipated to fundamentally alter the perception of higher education in India and internationally, according to Austin University President Ashraf Ali Mustafa.

Additionally, three memorandums of understanding (MoUs) were inked with CEO of financial company Falcon X, Murali Chirala. According to the statement, its business owners have expressed interest in establishing incubator and accelerator units under Invest UP.

The delegation met members of the global entrepreneurship organisation TiE and Indians who contributed to the creation of Silicon Valley in San Francisco. The delegation appealed to them to make a Silicon Valley in Uttar Pradesh so that Indians can also take advantage of it.

During a road show in Japan, Yukinori Kobe, director of Seiko Advance Limited, signed an MoU worth Rs 850 crore with the UP government to set up a manufacturing unit in Gautam Buddha Nagar.

More than 200 new jobs will be made available to state residents thanks to this MoU. Nand Gopal, the minister of industrial development, said in a tweet that his international trips were very effective at luring investments. The road performances in Belgium, Sweden, and Germany were huge successes. According to the statement, the UP government team visited three nations in less than nine days and got investment proposals worth thousands of crores of rupees. Up through December 19, this round of road exhibitions and exclusive business consultations will be held abroad.

After a road show in the Netherlands, Deputy Chief Minister Keshav Prasad Maurya and IT and Electronics Department Minister Yogendra Upadhyay will visit France on Monday to attract investments.

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