Mahindra Group chairman Anand Mahindra on Wednesday announced Rs200 crore investment for creating a 200-room timeshare resort in Varanasi.
Further, given the recent focus on electric vehicles, Mahindra said the vehicle arm of the group, Mahindra & Mahindra, could set up a manufacturing unit in the state subject to sufficient support from government legislation.
''To tap tourism potential in the state, Club Mahindra will be signing an MoU with the state government worth Rs200 crore to create a timeshare resort in the Vindhya-Varanasi circuit of the state, which is known for its spiritual energy,'' he said at the Uttar Pradesh Investors' Summit Lucknow.
Mahindra said he is not new to Uttar Pradesh and has a Lucknow connect. He said that even though he was brought up in Maharashtra, Uttar Pradesh is his mother's land. His mother was born in Allahabad. She studied in Lucknow where she later became a teacher of history at the city's Isabella Thoburn (IT) College.
Mahindra said he has grown up listening to the stories about UP from his mother. ''I feel like a wanderer who has finally returned home,'' he said in Hindi.
He also lauded Chief Minister Yogi Adityanath's measures to uplift the state, adding that it now has the potential to compete against other countries rather than other states.
''The government organising such a big conference itself shows how committed this government is. I promise that Mahindra Group is with you in your struggle," Mahindra said.
''To the investors, I would like to say that UP holds a great advantage due to its size. Therefore, scaling of operations becomes easy here. The substantial customer base also gives investors the best chance for expansion,'' he added.
The summit is being attended by at least 5,000 people including industry heads from India and abroad, Union ministers, chief ministers, policymakers and academics.