UP ropes in Ernst & Young to attract investment

The Uttar Pradesh government Thursday roped in Ernst & Young for facilitating long-term investment promotion programmes in the state.

An agreement to this effect was signed between Udyog Bandhu - the UP government's agency for investment promotion - and the firm here.

A government spokesman said that Ernst & Young will now function as the 'knowledge partner' of the UP government and it would define the scope of work and fix timelines for the next 18 months.

Principal Secretary (Industrial and Infrastructure Development) Surya Pratap Singh told IANS that the move was aimed at "evolving a 'Brand UP' commensurate with rapidly improving ground realities in the state as a result of fresh policy interventions by the state government".

"With rigorous monitoring system for implementation of these policies in place, very soon the real industrial potential of the state would be realised," he added.

The Udyog Bandhu had invited bids for selection of a knowledge partner in November last year and three bids were received in April this year.

Out of three bids received, only Ernst & Young qualified technically whereas KPMG were disqualified technically for not meeting the bid criteria of experience required while Isthaan Financial Pvt Ltd were disqualified on the ground of non-responsiveness as they had not submitted even the required documents and fee.