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The UP government has promised various incentives to ONGC.
The Yogi Adityanath-led government has been holding discussions with ONGC on the technical aspects of the project.
The situation for the unemployed in Uttar Pradesh, India’s most populous state, is set to improve. If all goes as planned, a significant investment will be made, creating job opportunities for thousands of young people in the state. A government-owned Navratna company has announced plans to invest Rs 1 lakh crore in the state, marking the first of its kind in Uttar Pradesh. The company intends to establish its unit in the Prayagraj district. Specifically, Oil and Natural Gas Corporation (ONGC), a major government Navratna company, is preparing to invest Rs 1 lakh crore to set up a refinery and petrochemical plant in Prayagraj. According to an official statement, the Uttar Pradesh government is working to create a business-friendly environment, which has attracted interest from several large companies. The Yogi Adityanath-led government has been holding discussions with ONGC on the technical aspects of the project.
Refinery Capacity
The proposed project will have a refinery with a production capacity of 1.2 crore metric tonnes per year, generating thousands of direct and indirect jobs. ONGC will partner with Bharat Petroleum Corporation Limited and an international partner for this venture. Discussions are currently ongoing between UP government officials and ONGC regarding the project.
Government Incentives
The UP government has promised various incentives to ONGC, including capital subsidies, state GST exemptions, interest subsidies, and discounts on electricity and stamp duty. In addition, the government is encouraging foreign investment from Fortune 500 companies through the FDI route.
More Companies to Follow
In addition to ONGC, the state government has invited several other companies to invest. This includes JK Cement’s plant in Shankargarh and Varun Beverages’ Rs 1,000 crore investment in Saraswati Hi-Tech City. BPCL has also acquired land in Naini and Bara in Prayagraj. The Yogi government is taking multiple steps to make Uttar Pradesh a 1 trillion dollar economy.
