Lucknow, April 26 -- The Uttar Pradesh government is mulling over a proposal to merge PICUP (Pradeshiya Industrial & Investment Corporation) with Invest UP to provide a one -point contact for investors. The move is part of a major overhaul of Invest UP in the wake of corruption allegations against its former chief executive officer.

PICUP was established in 1972 as a state government company under the Companies Act 1956 to provide long-term loans to medium and large industries for industrialisation of the state. Now, the need is being felt to merge it with Invest UP, which was set up around five years ago, with the sole objective to propel Uttar Pradesh as the most favoured destination for investors at a time when efforts are on to turn ...