UP plans MoU with BSE for listing of state SMEs

LUCKNOW: Uttar Pradesh government proposes to sign a memorandum of understanding (MoU) with the Bombay Stock Exch ange (BSE) to enable listing of small and medium industries in the stock market and get more funds for them.

A letter is being sent to CEO of BSE Ashish Chauhan to consider signing of the MoU and also help in setting up a facilitation centre at the two-day Uttar Pradesh Investors’ Summit that Prime Minister Narendra Modi is likely to inaugurate here on February 21.

“We are requesting the CEO for the MoU. We will set up facilitation centres for the SMEs at the summit and help them get listed at the stock exchange. We are also inviting the listing head of BSE Girish Joshi for interaction with them on the listing procedure and bring about financial literacy among them,” said Infrastructure and Industrial Development commissioner Anoop Chandra Pandey.

The state government also proposes to hold a special session with the bankers for interaction with the investors at the summit. The Small Industries Development Bank of India (SIDBI) will partner a special session for banks at the summit. “UP has a Credit Deposit (CD) ratio of 46 percent and we want to bring about an improvement in the present situation. We hope the bankers will understand the problems of investors and lend more for investment in the state,” said Pandey.

The government is putting in all efforts to make the investors summit a success. Besides sending a message of it bringing about an improvement in the law and order situation in the state, it has been holding roadshows to attract investors to the summit.

CM Yogi Adityanath himself had attended a roadshow and met leading industrial groups in Mumbai.

While roadshows have been organized at Delhi, Mumbai, Bangaluru and Kolkata, another is proposed at Ahemdabad on January 18.

The government claims to have received proposals for investment of about ₹2.53 lakh crore for different projects from leading industrial houses and entrepreneurs ahead of the summit. Investors have shown interest in information technology, food processing, alternate energy, energy, textiles, animal husbandry, transport, tourism, film, science and technology and industrial development sectors.