Corporates commit over Rs 1 lakh cr investment in MP

Written by PTI | Indore | Updated: Oct 10 2014, 11:20am hrs
Corporate houses, from Reliance Group to Adani Group, committed investments of nearly Rs 1 lakh crore in Madhya Pradesh on the first day of the Global Investors Summit today which was inaugurated by Prime Minister Narendra Modi.

While the Ambani brothers -- Mukesh and Anil -- pledged an investment of Rs 50,000 crore, Gautam Adani of Adani Group announced Rs 20,000 crore, followed by Suzlon's Tulsi Tanti Rs 15,000 crore.

Industrialists who announced their investment plans include Welspun's Sindoor Mittal (Rs 5,000 crore), Essar group's Shashi Ruia (Rs 4,000 crore) and Future Group's Kishore Biyani (Rs 2,000 crore) and Symbiosis open education society (Rs 200 crore).

Industry bigwigs include Tata Group's Cyrus Mistry, Aditya Birla Group's Kumar Mangalam Birla, ITC's Y C Deveshwar, Larsen & Toubro's A M Naik and Godrej Group's Adi Godrej attended the summit.

As many as 4,500 delegates, including prominent politicians, are attending the event.

Speaking at the summit, Reliance Industries CMD Mukesh Ambani said, "India is on a resurgent path of growth and Madhya Pradesh is already on the way... We are going to invest Rs 20,000 crore in the coming years in energy, retail business, entrepreneurship development and digital infrastructure sector".

Madhya Pradesh, he said, is going to have a world class digital infrastructure in the coming 18 months.

Tata Sons Chief Mistry did not mention any amount, but expressed the Group's commitment to expanding its footprint in the state.

Tata Consultancy Services, he added, would be building a new integrated campus here which will provide jobs to 10,000 professionals.

Gautam Adani, chairman Adani Group, promised to invest Rs 20,000 crore over five years in food processing and power sectors.

"Adani Group is already in Madhya Pradesh, we started from soya bean processing and now we are going to invest Rs 20,000 crore in the state in the coming five years," he added.

ADAG's Anil Ambani committed to invest an additional Rs 30,000 crore in infrastructure sector by 2020.

"We are going to double our investments in Madhya Pradesh and will be investing additional Rs 30,000 crore in coal, power, and cement and telecom sector up to 2020," he added.

Shashi Ruia, Chairman, Essar Group said it is already operating in power sector in the state. "We are going to get additional Rs 4,000 crore investment in the state," he added.

ITC Chairman Deveshwar said the company will establish a agri-product manufacturing and a eco-friendly paper plant in Madhya Pradesh. "ITC has identified Madhya Pradesh for its major investments in different sector," he said.

John Deere, a farm equipments manufacturer, is also looking for a long term partnership in the state.

John Stone, Global Director, John Deere, said: "This is our biggest tractor manufacturing facility in India and we are exporting tractors to 70 countries". The audience applauded his speech in Hindi.

Kishore Biyani, Group CEO, Future Group announced his intentions to make foray into the state.

"We have a plan to establish a mega food park, where 50-60 food processing units with investment of Rs 2,000 crore will be set up," Biyani said.

The world's fifth largest wind turbine supplier Suzlon Energy will invest close to Rs 15,000 crore in the next five years to set up power projects of 2,000 MW capacity in Madhya Pradesh.

Besides, Welspun Director Sindoor Mittal said her company will invest Rs 5,000 crore in renewable energy industry.