Davos 2026: Essar Group commits Rs 25,000 crore investment in Uttar Pradesh

The Essar Group on Thursday signed a Memorandum of Understanding (MoU) with the Uttar Pradesh government, committing to invest Rs 25,000 crore towards power and energy systems, logistics and warehousing, and data centres in the state.

This deal marks one of the largest investment commitments secured by Uttar Pradesh during the World Economic Forum (WEF) Annual Meeting 2026 in Davos.

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The partnership is expected to strengthen energy security, boost supply chain efficiency, and create substantial employment through large-scale industrial expansion, the state government said.

The UP government also secured an MoU with SA Technologies worth Rs 200 crore to establish a Global Capability Centre (GCC) in the state. The proposed GCC will support multinational enterprises through advanced IT services, digital transformation solutions, and innovation-led capability building, while creating employment opportunities for youth.

NTPC Green Energy Limited signed a non-financial MoU with the state for the development of renewable energy and green hydrogen projects.

UP delegation at Davos was led by Suresh Kumar Khanna, Cabinet Minister for Finance and Parliamentary Affairs, and included senior officials from the state government.

As the delegation held numerous business-to-government discussions with leading global organisations across sectors, some key engagements included ElevenLabs, Essar Capital Advisory India, HCL Tech, Marsh McLennan, BlackRock, Indian Oil, Gavi – the Vaccine Alliance, Google, BCG (Boston Consulting Group), and Topsoe, among others.