In a first for North India, Lucknow Municipal Corporation bonds to be listed at the Bombay Stock Exchange.
Uttar Pradesh's Chief Minister will visit Mumbai on December 2 to ring the bell at the Bombay Stock Exchange (BSE) during the listing of the Lucknow Municipal Corporation (LMC) bonds. During the CM's visit, he will interact with prominent industrialists and Bollywood celebrities and invite them to invest in Uttar Pradesh. Lucknow is the first city, from the north India region, to release the bond of its municipal corporation and soon the municipal corporations of Ghaziabad, Varanasi, Kanpur Nagar and Agra will follow suit. The Rs 200 crore-bond issue was floated just before Diwali and was oversubscribed by 4.5 times to raise Rs 450 crore.
A conducive atmosphere for industrialization in Uttar Pradesh
A senior official mentioned, "The 10-year bond closed at a very attractive coupon rate of 8.5% only because India Inc. has shown faith in the potentiality and prospects of Uttar Pradesh." He also stated, "During his day-long visit, Yogi Adityanath will be meeting eminent industrialists, bankers and renowned Bollywood celebrities. He will be informing them about how the Uttar Pradesh government has created a conducive atmosphere for industrialization by way of simplification of policies, single-window mechanism for various clearances and a sound law and order as a potent back-up besides availability of basic infrastructure and manpower."
The Chief Minister will be discussing the pressing issues with industrialists and bankers, including N. Chandrashekhar of Tata Sons, Suprakash Chaudhary, CEO of Simmons, S.N. Subramaniam, Chairman of L&T, Vikas Jain of Capital Services, Sanjay Nair, Chairman of KKR Ltd, Jaspal Bindra, Chairman of Centrum Capital Ltd., amidst others.
The film personalities who will also be meeting the CM during his Mumbai visit, include Subhash Ghai, Bonny Kapoor, Bhushan Kumar of T-Series, Jatin Sethi of Zee Studio, Rahul Mitta, Neeraj Pathak, Randeep Hooda, Tigmanshu Dhulia, Jimmy Shergill, Taran Adarsh, Komal Nahta and Raj Kumar Santoshi.
MoUs of about Rs 4.52 lakh crores were signed in the course of 2018 UP Investor Summit
Earlier in December 2017, the Chief Minister had paid Mumbai a visit and invited prominent industrialists to the UP Investor Summit that was held in Lucknow, in February 2018. During that visit, he had met Mukesh Ambani, Ratan Tata, Anand Mahindra and others, and most of them had come to Lucknow to be a part of it.
During the span of the summit, memorandums of understanding (MoUs) of about Rs 4.52 lakh crores were signed and investments of about two lakh crores have already come on the ground through two ground-breaking ceremonies that have taken place. Back in September, the CM had also unveiled an ambitious plan to set up a film city in Noida and rolled out an open offer to the film fraternity to come to the state for filmmaking.