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MoUs worth billions signed on 1st day of Global Investors’ Summit at Khajuraho

Thursday, October 21, 2010 10:43:34 PM, Pervez Bari,

An MoU being signed in the Global Investors Summit in Khajuraho on Friday

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Bhopal: On the first day of the two-day Global Investors’ Summit being held in the temple town of Khajuraho in Madhya Pradesh Memoranda of Understanding, (MoU), to the tune of Rs. 1064.17 billion (23.8630 billion USD) were signed, making the day a historic one for the state’s industrial scenario, according to an official spokesman.

As such the efforts which the rightist Bharatiya Janata Party government was undertaking for the last one and a half years to reconstruct Madhya Pradesh started to bear fruits and a new chapter is being written in the industrial development of the state. The state government not only presented all the options before the investors for joining hands in the development and progress of Madhya Pradesh but also made its intentions clear to cement ties further with investors by playing a cordial host to them. Not only the Madhya Pradesh Chief Minister Shivraj Singh Chouhan but the entire state cabinet was present to accord a warm welcome to the investors and industrialists.

Investors took no time in understanding that climate of Madhya Pradesh is good for industrial investments. This can be gauged from the fact that during only one and a half hours' talks, 20 MoUs were inked ensuring investment to the tune of over Rs. 1000 billion (22.4240 billion USD) in the state. Of the 20 MoUs inked on the day-1 included 16 MoUs in the industrial sector and four in the energy sector.

Happiness was writ large on the face of the Chief Minister Chouhan and those of the investors after the exercise of signing MoUs. Before inking the agreements, all the options were put forth in detail before the investors. The investors, who have not entered into MoUs, were also seen discussing the pros and cons of investment in Madhya Pradesh and coming forward to sign MoUs.

The first MoU of Rs. 33,147 crore was signed between DMIC and TRIFAC for infrastructure development followed by three MoUs worth Rs. 6,000 crore by Ultratech for establishing cement factories in Dhar and Satna districts, five MoUs worth Rs. 1,850 crore by Jai Prakash Associates for opening cement and other industries in Satna, cement grinding plant in Bina, 120 MW power plant in Sidhi and a soya processing unit in Rewa.

Other companies which also signed MoUs during the day include ESSAR for investing Rs. 2,450 crore in cement and ferro sector, GAIL India for investing Rs. 4,900 crore in oil and natural gas sector, Jiyo Mysore Services Limited for investing Rs. 300 crore for mineral exploration, Khajuraho Eco Business Limited for investment in Integrated Rural Development sector in Chhatarpur area, two MoUs by Videocon Industries for investing Rs. 18,500 crore for white goods in Budhni and energy sector in Satna and Rewa, MoU by NTPC for investing Rs. 20,000 crore in the energy sector, MoUs by JMR Bundelkhand Energy Private Limited for investing Rs. 14,000 crore for generating 1980 MW power, MoUs by ESSIL Limited for investing Rs. 2,970 crore in the energy sector for generating 660 MW power and an MoUs was signed by Rio Tinto Limited for investing Rs. 2,300 crore on mineral exploration in Chhatarpur.

Meanwhile, addressing the inaugural session the Chief Minister Shivraj Singh Chouhan said that the government and the industry share the common objective of prosperity of the state and the people. They should work in tandem to achieve this end. He assured the investors that they would face no difficulty in the state and he himself would be available to them every Monday for to solve their problems.

Chouhan said that Madhya Pradesh would soon emerge as the most developed state of the country as a result of the concrete efforts and firm determination of the state government. He claimed that Madhya Pradesh would become not only self-reliant but also surplus in electricity by year 2013. He said that the government is committed to achieving double digit economic growth.

Welcoming the investors the Chief Minister said that over the years Madhya Pradesh has prepared itself for vast capital investment. He said that side by side industrial development the state government wants to augment employment opportunities for the youths. For this, special attention is being paid to skill development. He called upon the industry sector to come forward to set up and conduct Industrial Training Institutes in Madhya Pradesh. He said that the state government has taken the initiative to take policy decisions in favor of industries and has come out with an investor savvy industrial policy.

Leader of Opposition in Lok Sabha Mrs. Shushma Swaraj said that people are the strength of the state. She said that investment in Madhya Pradesh is a lucrative proposition given its immense potential and resources. Madhya Pradesh is the Heart Land State of India and it integrates entire country not only geographically but also emotionally. It has rich natural resources and the policies of the state government are progressive and investor friendly. Besides, the state government has political will and a dedicated team of officers. Thus, all favourable conditions exist here for investment. She said that going by the pace with which infrastructure has been improved in the state it can be said that it has moved on the fast track of development and prosperity, she added.

The chairman of Aditya Birla Group Kumar Mangalam Birla lauded the state government’s approach to industrial development and said that investor friendly climate has been created in Madhya Pradesh. He also had a word of praise for social sector schemes implemented by the Chief Minister Chouhan and said that lopsided industrialization is not desirable and sufficient for all round development of the state. He said that Aditya Birla Group is willing to be partner in integrated development of the state. He said that his Group would invest in aluminum and cement plants in Madhya Pradesh.

The chairman of Essar Group Shashi Ruia said that Madhya Pradesh has immense potential and opportunities for investment in every region and sector. Expressing his keenness to become partner in development process of Madhya Pradesh he said that skill and entrepreneurship development are emerging areas. He talked of taking up projects for providing training in power engineering. He also called for all round development of the state. J.P. Gaur of Japyee Associates said that Madhya Pradesh would be the most advanced state of the country in every respect in next ten years.

International operational head of Rio Tinto Robert Court complimented the Chief Minister Chouhan for organizing this Summit and said that the transparent administrative procedures in Madhya Pradesh are favourable to investors. Besides, congenial atmosphere exists here. Court said that with the beginning of diamond mining Madhya Pradesh would join the select ten leading diamond producing areas of the world.

Earlier, Chouhan released the new Industrial Promotion Policy of Madhya Pradesh which would come into force from November this year.

In his welcome address the Minister for Industries and Commerce Kailash Vijayvargiya said that previous Madhya Pradesh was known for bad infrastructure but now it has become the first choice of the investors. he said that the number of investment projects has increased three times in the state. He said that about one hundred investors have not been able to take part in this Summit, but an opportunities would be provided to them shortly. The process of investment would continue.

The president-elect of ASSOCHAM Dilip Modi said that under the leadership of the Chief Minister Singh Chouhan a novel initiative has been taken to attract investment in the state. He hoped that the target of Rs. one lakh crore fixed for the Summit would be exceeded and it would go up to over Rs. three lakh crore. He also spoke about prospects of PPP in new sectors like human resources development. He also presented a publication of his company entitled “Envisioning Global Madhya Pradesh” to the Chief Minister.

Additional Chief Secretary Satya Prakash dwelt at length on the prospects of investment in various sectors including IT, food processing, agriculture, energy, road construction, tourism, cement industry etc.

Prominent among others present on the occasion included Minister for Water Resources Jayant Malaiya; Minister for Rural Development Gopal Bhargava; Minister of State for Energy Rajendra Shukla; Minister for PWD Nagendra Singh, Members of Parliament Jitendra Singh Bundela, Veerendra Pathak and Shivraj Singh, Kumar Vikram Singh.







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