A United Arab Emirates oil company on Friday signed an agreement to invest $1.7 billion in Uttar Pradesh for laying a gas pipeline and setting up a gas-based 2,000 mega watt power plant, reported the Economic Times newspaper.
According to the newspaper, the company's investment will be the biggest in the Indian state, adding that it is expected to develop the state's backward eastern region.
The Emirati company will lay a 1,000-kilometer-long (625-mile-long) gas pipeline from Orissa to eastern parts of Uttar Pradesh. It will also set up a gas-based power plant in the area to ease a severe power shortage in the region, said the paper - Albawaba.com
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