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Global Investors Summit at Indore from today

By Pervez Bari, TwoCircles.net

Bhopal: Stage is all set for the two-day Global Investors Summit starting about 190 kms from here at Indore, the financial capital of Madhya Pradesh, tomorrow wherein about 400 investors are likely to participate.

As many as 36 Memorandums of Understanding (MoUs) worth Rs. 98,000 crore (worth about $24500 million US dollars) are likely to be signed at the summit. A MoU for about Rs. 50,000 crore (worth about $12,500 million US dollars) is likely to be signed by Reliance Energy on the first day of the summit.

The Bharatiya Janata Party ruled Madhya Pradesh Chief Minister Shivraj Singh Chouhan will inaugurate the summit at 10.30 am

tomorrow at Indore Development Authority ground near Hotel Landmark. He would also inaugurate an exhibition at the same venue at 6 p.m. the same day.

The investors include 121 NRIs and foreigners and 253 Indians. Their consents have already been received. Over 400 rooms have bees booked in different hotels of Indore for them. Rooms have also been booked in Bhopal for the investors who prefer to come Bhopal and then proceed to Indore.

Meanwhile, in a significant initiative on the eve of the Global Investors’ Summit the Madhya Pradesh Government has amended the Industrial Promotion Policy-2004 to make it more industry friendly. The suggestions from industry and trade sector have been accommodated in these amendments.

The amended policy offers a special package for biotechnology industry. Now district level empowered committees would be authorized to give clearance to the projects involving investment of up to Rs. 10 crore (worth about $25 million US dollars). Biotechnology industries with a capital investment of more than Rs. 10 crore (worth about $25 million US dollars) have been given the status of mega project. They would now be entitled for capital grant and interest subsidy, according to an official Press release.

While discussions with the investors would be held about the prospects of investment in the state. The afternoon session would feature discussions on investment prospects in tourism, civil aviation, housing, urban development, S.E.Z., auto track, auto component, pharmacy, mining, textiles, technology and higher education sectors at Hotel Landmark.

The evening session would feature discussions on investment opportunities in road, rail, IT, agriculture, food processing, medicinal plant cultivation, logistics, warehousing, energy, health and medical tourism.

Chouhan would also hold one-to-one meetings with the prospective investors and industrialists. In the evening the participants would be taken on a visit to Pithampur and Dewas industrial areas. A cultural programme would be held in the night on October 26 at the Indore Development Authority ground.

During the course of two-day meet, each of the investors will be accompanied by management students of IIM Indore. About 150 students of IIM, Indore were being imparted necessary training about the global investors meet wherein they were provided with necessary industrial, cultural, tourism information about Indore as well as Madhya Pradesh. These students have been asked to present a rosy picture of Indore and Madhya Pradesh before the investors.

On October 27, MoUs would be signed in the presence of the Chief Minister Chouhan at 10.30 am. The concluding function would be held at 12 noon.

Meanwhile, out of about 400 investors from both India and abroad who have confirmed their participation for the Global investors meet, the Madhya Pradesh Government has released the name of 100 investors in its first list.

Prominent industrialists from the country whose confirmation has been received by the government include-Anil Ambani (Reliance), M M Naik (Larson & Toubro), O P Oswal (Vardhman group), Abhay Firodia (Force Motors), Debu Bhattacharya (Hindalco), Manoj Chabra (Prism Cement) among others.

Among the officially released list, the largest number (37) foreign investors are coming from London alone. They include Liberty International Ltd., T Choithram & Sons, LLC, Thekar Properties, Asian Guild, Credo Capital, Fast Forum International Ltd., IT company Eco Securities, etc. Most of these foreign investors are non-resident Indians.

The other prominent investors from abroad who are coming for the meet include – Nitin Sethi of Escort International (England), David Gelkin, CEO, Data Press (Finland), Reya Mezio, executive director, Pont Porfinix of Mauritius, Deepak Chopra of Reliance Data Service(Abu Dhabi), Ram Garg, director, Param International (Singapore) among others.

Meanwhile, a novel plan has been devised by the Madhya Pradesh Government to ensure implementation of projects for which MOUs have been signed with prospective investors. It is sign MoU and lay the foundation stone forthwith.

The plan seeks to impress upon prospective industrialists to perform ”Bhoomi Pujan” or foundation stone laying ceremony within the shortest possible time to confirm their seriousness and sincerity in executing the MOUs.

This exercise, they felt, would ward off criticism over non-implementation of MOUs signed by investors at different industrial meets in the past and showcase the government’s achievements in ushering in industrialization. ([email protected])