Jharkhand Global Investor Summit: Jindal Steel to Adani Enterprises, India Inc commits Rs 55,000 cr investments

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Ranchi | Updated: February 17, 2017 6:26:13 AM

Captains of India Inc on Thursday committed fresh investments to the tune of R55,000 crore in mineral-rich Jharkhand at the state’s maiden Global Investors’ Summit being held here.

jhar-lTata Group patriarch Ratan Tata said Jharkhand has great potential and urged domestic and global corporates to seize the immense investment opportunity in the state because of its richness in minerals and natural beauty. (PTI)

Captains of India Inc on Thursday committed fresh investments to the tune of R55,000 crore in mineral-rich Jharkhand at the state’s maiden Global Investors’ Summit being held here. Chief minister Raghubar Das said the amount would be much more when the MoUs would be made public on Friday, the second and last day of the summit.

Tata Group patriarch Ratan Tata said Jharkhand has great potential and urged domestic and global corporates to seize the immense investment opportunity in the state because of its richness in minerals and natural beauty. He also praised the state’s keenness to progress and see itself standing among states that are enjoying the excitement of the new India.

Though Tata did not announce any fresh investment proposal, Jindal Steel and Power chairman Naveen Jindal said the company would invest R20,000 crore within a few years to jack up its Patratu steel unit’s capacity to 6 MTPA from 1.6 MTPA now. JSPL has invested R3,000 crore so far in the state which is now “on the path of development”.
A commitment of investing R20,000 crore in the next five years was also made by Rajesh Adani, managing director, Adani Enterprises, which would create 12,000 direct and indirect jobs.

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Vedanta Resources chairman Anil Agarwal said though he has no investment so far in the state, he has huge plans for the state and committed R5,000-crore investment. Stating that Jharkhand is one of the top destinations for his company, Aditya Birla Group chairman Kumar Mangalam Birla committed R5,000-crore investment and hailed the state government for its reform initiatives and ensuring the ease of doing business.

Essar Group chairman Shashi Ruia said a 2,000-seater BPO unit is being planned by the company for setting up in the state capital. Aegis, a group firm, has an existing BPO of 2,500 seating capacity in Jamshedpur. Essar had earlier committed to invest about R10,000 crore for setting up a 1,200-MW power plant at Tori and development of Toskiud North Coal Mine with an estimated expenditure of about R1,100 crore.

Union road transport and highways minister Nitin Gadkari said the state would see investments worth R55,000 crore in the highways sector in the next few years.

Among the leading states on providing ease of doing business, Jharkhand is also the 5th largest recipient of FDI. It’s also the richest mineralised region in the country, holding over 40% natural resources.

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