MP Investor Summit: Reliance, ITC, Sun Pharma announce investment plans

By: |
Published: October 19, 2019 4:11:07 AM

“Reliance will be setting up national distribution centres in MP, with over 10 million sq ft of space across 45 locations,” he said, adding that the company will also explore investment opportunities in renewable energy.

madhya pradesh, MP Investor Summit, Reliance, ITC, Sun Pharma, investment plan, Kamal Nath government, Kamal Nath, Reliance JioMadhya Pradesh chief minister Kamal Nath at Magnificent MP investor summit in Indore on Friday

The first investor summit organised by the Kamal Nath government in Madhya Pradesh on Friday witnessed participation from top industry leaders including Adi Godrej, Dilip Shanghvi, Vikram Kirloskar, Sanjiv Puri, Rakesh Bharti Mittal and N Srinivasan. During the one-day event, Magnificent Madhya Pradesh (MMP), Reliance Industries and ITC announced their investment plans for the central Indian state.

In a video message, RIL chairman Mukesh Ambani said the firm invested more than Rs 20,000 crore in Madhya Pradesh (MP) in last few years, which led to large-scale employment and the company emerged as the second largest employer after the state government. RIL developed coal bed methane plants in MP and built the first gas pipeline. This has opened up multiple investment opportunities. Ambani said that RIL’s telecom arm, Reliance Jio has become the greatest catalyst for transforming MP into a digital society and the state alone consumes more data than South Korea, the UK, France, Germany or Canada.

Ambani added that the company has more than 600 stores and 100 petroleum retail outlets in MP. “We will more than double these numbers in the coming years. The new commerce initiatives of Reliance Retail will benefit tens of thousands of kirana stores and small merchants,” he added.

“Reliance will be setting up national distribution centres in MP, with over 10 million sq ft of space across 45 locations,” he said, adding that the company will also explore investment opportunities in renewable energy.

ITC’s chairman Sanjiv Puri also announced the FMCG giant’s plans to set up a food processing facility in Madhya Pradesh with an investment of Rs 700 crore. “We now intend to make a large investment in a modern food processing facility in MP with an investment of Rs 700 crore,” Puri said in his address at the MMP summit. He further informed that some pre-designed work for the facility has started and very soon it will commence operations. Land for the food processing unit is already with the company.

Sun Pharma founder Dilip Shanghvi said his company has invested around Rs 500 crore in MP so far. Although, the company did not have manufacturing units in the state, but after acquisition of Ranbaxy’s assets in MP, it now has two manufacturing units at Dewas and Mallanpur. “We are looking to expand these facilities,” he added.

India Cement’s vice chairman and managing director N Srinivasan said work on the company’s new cement and grinding plants is in progress.

The state also witnessed some interest from the hospitality sector. “We see a potential of at least operating 35 hotels and over 3,000 rooms in MP. We are working on a project with 150 rooms, to complete in 8 months. Indian hotels have had a long relationship with MP. We have been in MP for over 2 decades and operate 6 properties,” said Indian Hotels Company’s executive VP & Global Head, Suma Venkatesh.

Punjab-based Trident Group also announced its plans for Madhya Pradesh. “Trident is associated with MP for more than a decade. Now, our mission is to create an art and craft village in MP. Trident group will set up a 100 mw solar power plant in the state,” its chairman, Rajinder Gupta said during his address. Gupta announced that his company will invest Rs 3,000 crore in MP.

During his inaugural address at the summit, MP chief minister, Kamal Nath said, “We are as much as committed for bringing new investment. I assure you that there was no better time to invest in MP than today. MP is magnificent not because of an individual but because of its people”.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Reliance Retail defies consumption slowdown, records 27 per cent rise in revenue
2RIL yet to decide on adoption of newer rate of corporate taxation
3Ambuja Cements Q3 net profit up 34% at Rs 533 crore