MoUs worth $11,850 m. signed on first day of Global Investors’ Summit at Indore

By Pervez Bari,

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Indore: The Global Investors’ Summit here at Indore, the business capital of Madhya Pradesh, got a fabulous start when in the inaugural function four Memorandum of Understandings (MoUs) worth Rs. 57,400 crores (about $11,850 million US dollars) were signed in the presence of the Chief Minister Shivraj Singh Chohan on the opening day of the mega event.

The first MoU was signed with Reliance Power Limited representing Anil Dhirubhai Ambani Group. The chairman of the group Anil Ambani was also present on the occasion. As per the MoU the group would set up a 3,960 MW Sasan Ultra Mega Power Plant in Sidhi district of Madhya Pradesh. A mega Thermal Power Station as Merchant Power Project at Chitrangi tahsil of Sidhi district would also be established.

Besides, four cement manufacturing plants each with capacity of around 5 million tones per year in the vicinity of Sasan project and limestone reserves in the state would be set up. An airstrip/airport would be developed in Sidhi district for the benefit of industrial and other development of the area. A technical institute would be set up at Bhopal. An investment of Rs. 50,000 crore (about $12,500 million US dollars) would be made on all these projects.

J.P. Chalsani and Principal Secretary, Industries, Avani Vaish signed the MoU by the company and the state government, respectively.

The second MoU was signed between Hyderabad-based Sanghi Industries and TRIFAC. Under this, a Greenfield Cement Plant of 7.0 million tones per annum would be established at Katni and Satna districts with a capital investment of Rs. 5,000 crore (about $1250 million US dollars). The Managing Director of the Company Ravi Sanghi and Managing Director of TRIFAC Praveen Garg signed the MoU.

The third MoU was signed with A.C.C. Limited. The company would set up a 2.2 million tones per annum capacity state of the art cement plant at a cost of Rs. 1200 crore (about $30 million US dollars). Managing Director of the company Sumit Bannerji and Managing Director of the TRIFAC Praveen Garg signed the MoU.

It may be mentioned here that ACC Company has cement plants in Saudi Arabia also.

The fourth MoU was signed with Birla Corporation Limited under which a Rs. 1200 crore (about $30 million US dollars) plant would be set up at Satna with 3 million tone capacity per annum.

Meanwhile, Madhya Pradesh Chief Minister Shivraj Singh Chouhan in his presidential address at the inaugural function of the summit said that infrastructure of global standard would be developed in Madhya Pradesh for rapid industrialization by leveraging the immense natural and mineral wealth available in the state. He said that the rules, procedures and laws would be suitably amended and fine-tuned to suit the investors and industrialists.

Chouhan called upon the investors to make maximum possible investment in the state taking advantage of the favourable conditions and opportunities here. He assured them the no inconvenience would be allowed to them.

He said that this summit would prove to be a milestone in the industrial development of the state. He said that the Memorandums of Understanding (MoUs) to be signed here would be implemented in right earnest. The MoUs signed at the Khajuraho Investors’ Meet have already started taking concrete shape in the state.

The draft Food Processing Policy of Madhya Pradesh was presented before the investors for discussions. After incorporating their suggestions this policy would be approved by the cabinet and it would become part of the Industrial Promotion Policy.

Meanwhile, addressing the function the chairman of Anil Dhirubhai Ambani Group Anil Ambani announced that his group would develop Bhopal as a major education campus. A Dhirubhai Ambani Institute of Communication would be set up as the first unit of this ambitious project.

Ambani said that his group is willing to play a significant in energy, infrastructure and education sectors in Madhya Pradesh. He said that concrete initiatives would be taken to make Madhya Pradesh the Energy Capital of India.

He said that communication is the next priority sector of his group. In next six months all villages with over one thousand population would be covered by the wireless connectivity network. He said that his group is making investments in various sectors in Madhya Pradesh, he added.

General Secretary of the FICCI Praveen Mitra dwelt at length on the investment opportunities and profits of investment in Madhya Pradesh. He said that by 2050 India would emerge as an Economic Super Power. States would play a major role in this process. Being located in the centre of India, Madhya Pradesh should be prepared to play a very important role in this.

Madhya Pradesh president of the FICCI Ramesh Chandra Agrawal, Sumit Bannerji of M.P. A.C.C., Utkarsh Palnitkar, chairman of M.P. Birla Group R.S. Lodha; chairman of Wardhaman Textiles Limited S.P. Oswal and others also spoke on the favourable investment atmosphere in the state. They were all praise for the industrial friendly attitude and cooperation of the Bharatiya Janata Party ruled Madhya Pradesh government.

The Managing Director of TRIFAC, Praveen Garg made a power point presentation on investment opportunities in Madhya Pradesh. A documentary film on the same theme was also screened on the occasion.

At the outset, the Minister for Industries delivered the welcome address. The Chief Minister and other guests lighted the ceremonial lamp to inaugurate the summit. The summit began with a group singing of a song composed by Purushottam Chakravarthy glorifying the cultural heritage of Madhya Pradesh.

The Minister for Commercial Taxes Babulal Gaur; Minister for Education Laxaman Singh Gaud; other ministers; Chief Secretary to the MP Government R.C. Sahni; Principal Secretary, Industries, Avani Vaish and others were also present on the occasion amongst others on the occasion.

Minister for PWD and IT Kailash Vijaywargiya, who hails from Indore, proposed vote of thanks.

Meanwhile, in the second session about six presentations were made on investment opportunities in Madhya Pradesh. The subjects included tourism, mining, civil aviation, housing and urban development, Special Economic Zone (SEZ), agriculture, textiles, apparel, technical and higher education, infrastructure, IT, food processing, medical cultivation, logistics, warehousing, IT, energy, medical tourism etc. Later, the investors had one-to-one meetings with the Chief Minister. ([email protected])