Madhya Pradesh attracts investments worth Rs.100 bn


Jabalpur (Madhya Pradesh) : The Madhya Pradesh government Friday signed memoranda of understanding (MoUs) at an investors’ meet here that would bring investments to the tune of Rs.103.1 billion ($2.6 billion) to the state.

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Inaugurating the third state-sponsored Global Investors’ Meet, Chief Minister Shivraj Singh Chouhan called upon investors to come forward to take advantage of the state’s industry-friendly policy.

He assured them they would not have any problem at any level once they commit to invest in the Madhya Pradesh.

The MoUs were signed in the first session of the two-day meet here, about 300 km from state capital Bhopal. About 300 investors are participating in the meet.

Speaking at the meet, Aditya Birla Group Chairman Kumarmanglam Birla said he had a 50-year relationship with Madhya Pradesh ever since his forefathers launched their first manmade fibre plant at Nagada in Ujjain district.

Although his group had not signed any MoU at the meet so far, he said it was “all set to make huge investment in Sagar, Jabalpur and Rewa”. His company Hindalco Industries, one of the largest aluminium producers in the country, will set up a plant in Madhya Pradesh, he added.

The MoUs signed include two in the energy sector, two in cement and one for iron-ore industry.

DB Power Ltd signed an MoU for 1,000-MW power plant worth Rs.60 billion at Shahdol district and Sanghi Energy Ltd signed an MoU for 405-MW power plant worth Rs.16.2 billion at Satna.

Similarly, two MoUs signed in the cement sector included one for Rs.8.9 billion signed with Mysore Cements for the expansion of its existing plant at Damoh and the other an investment of Rs.7 billion in a cement plant that Sandhya Prakash Pvt Ltd proposes to set up in Satna district.

The fifth and the last MoU signed was with Euro Brand Industries for setting up of iron-ore based industry at Sihora in Jabalpur at a cost of Rs.11 billion.

“We are bringing a Rs.1,200 crore (Rs.12 billion) plant at Katni in Jabalpur (district) for which a MoU has been signed. We are also making an investment of Rs.1,500 crore (Rs.15 billion) in Indore,” said Vivek Chawla, president of Associated Cement Companies, a leading cement producer in India.

The state government had invited more than 700 industrialists from within and outside the country. Of them, about 300 arrived here to participate in the meet on its first day, out of which more than 170 were from outside the state.

This is the third investors’ meet organised by the state government in the past two years. The previous meets at Khajuraho and Indore have already attracted MoUs worth Rs.1,05,000 crore and Rs.1,14,200 crore, respectively.

The meet also showcases an exhibition entitled “Vikas Pradarshani” (Development Exhibition) organised by the state industries department at the historical Garrison Ground to display the development of state.

A special theme pavilion to showcase the progress and investment opportunities in the state was the main attraction of the meet.