Madhya Pradesh gets Rs 30.77 lakh cr investment commitments

Bhopal, Feb 25 (PTI) Madhya Pradesh has received investment commitments for a record Rs 30.77 lakh crore at the end of its two-day investor summit, chief minister Mohan Yadav said on Tuesday at the 8th edition of Invest Madhya Pradesh Summit aimed at attracting investments to the state and promoting its industrial growth.

This summit served as a platform to showcase the state's potential for business and investment, highlighting its strategic advantages, economic opportunities, and industrial capabilities.

"Till now we have signed MoUs for Rs 30.77 lakh crore," he said at the valedictory session of the event here.

The primary objective of the summit is to promote Madhya Pradesh as a top destination for investments across various sectors, including manufacturing, infrastructure, agriculture, renewable energy, technology, and services.

And it did get commitments from big players.

On Monday, the MP Global Investors Summit began with big-ticket announcements -- with the state going all out to woo global investors and large business houses to invest in the MP's limitless potential.

Over a dozen companies including billionaire Gautam Adani's group, Reliance Industries and state-owned power producer NTPC committed to invest about Rs 4 lakh crore across businesses in Madhya Pradesh.

While Adani promised Rs 1.10 lakh crore in pumped storage, cement, mining, smart meters, and thermal energy, Reliance committed Rs 60,000 crore to set up biofuel projects in the state.

NTPC-NGEL (NTPC Green Energy Ltd) and MPPGCL (Madhya Pradesh Power Generation Company Ltd) signed a Memorandum of Understanding (MoU) for 20 GW worth of renewable power generation in the state, with an intent to invest Rs 1,20,000 crore in the energy sector.

Renewable energy player Avaada plans to invest Rs 50,000 crore in setting up solar, wind, and pump hydro storage and battery storage projects and solar photovoltaic module manufacturing facility, its MD Vineet Mittal said.

Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) committed Rs 26,800 crore and Rs 21,000 crore of lending support, respectively, to projects coming up in the state.

The Indo-European Chamber of Small and Medium Enterprises, the Germany India Innovation Centre, and the Indo-German Chamber of Commerce also signed MoUs with Madhya Pradesh Industrial Development Corporation (MPIDC).

OPG Power Generation Pvt Ltd pledged Rs 13,400 crore investment in setting up a manufacturing facility for battery storage systems, small modular reactors, green hydrogen and hybrid (solar and wind) power generation.

"Madhya Pradesh has abundant land, water and natural resources. Together with investor-friendly policies and adequate power supply, it is a land of investment opportunities," he said.

More than 5,000 business-to-business (B2B) meetings, 600 business-to-government meetings were conducted during the two days.

With its rich natural resources and a growing industrial base, the state focuses on attracting manufacturing units, particularly in sectors like automobiles, textiles, and electronics.

The state government has introduced several incentive schemes and policies to attract investments including single-window clearance for ease of doing business, subsidies and incentives in sectors like manufacturing, technology, and energy, development of industrial corridors and dedicated investment zones, and investment in skilling the local workforce to meet the needs of industries.

This was the first investment summit to be held in Bhopal. All previous ones were held in Indore. PTI ANK MBI ANZ DRR DRR

Source: PTI