300 companies including Adani, BPCL sign MOUs for investment of Rs 50,530 crores: Economic Times
The mega 2-day Bihar Business Connect 2023 closes with over Rs 50,000 crore worth of memorandum of understanding or MOU being signed with 300 companies who pledged to make investments in the state of Bihar.
“In a landmark achievement, 300 companies have signed Memorandums of Understanding (MOUs) for investments totaling 50,530 crore rupees, showcasing Bihar’s growing attractiveness as a key business destination,” said the press note.
BPCL plans to set up a project worth more than Rs 7000 crore followed by Patel Agri Industries which plans to set up a project worth more than Rs 5000 crore and Adani Group which plans to set up manufacturing plant with a project cost worth 8600 crore, said the press note.
Additional Chief Secretary of the Industry Department, Sandeep Poundrik told ETMarkets that he was expecting MoU worth Rs 35000 crore from companies across sectors.
On the second day of the Bihar Business Connect Global Summit, the Bihar government and various companies from within the country and abroad signed Memorandums of Understanding (MoUs).
The manufacturing sector attracted investments worth over Rs 31000 cr, followed by food processing which saw interest from 124 companies and investments worth more than Rs 14000 cr. Service, IT and Textile sector attracted investments worth more than Rs 3300 cr, the press note added.
This mega 2-day event was held at Gyan Bhavan in Patna.
The Additional Chief Secretary of the Industry Department, Sandeep Poundrik said that setting up industries in Bihar is very easy due to the presence of the market, raw materials, infrastructure, workforce, and government support.
Representatives from Bharat Petroleum Corporation Limited, Adani Group, Holtec International, Patel Agri Industries Private Limited, Dave India Project, Indo-European Heart Hospitals and Research Institute Private Limited, and IT company CTRL were present at the summit.
“Adani Group has already invested Rs 850 Crore in Bihar and now plans to increase this investment tenfold to more than Rs 8000 Crore. The group is also starting a cement industry in Bihar,” Pranav Adani, Director of Adani Enterprises, said.
Kamal Oswal, Chairman-cum-Managing Director of Nahar Group of Industries, said that his group is building a logistic park in Bihar at a cost of Rs 300 crore.
Hasmukh Ranjan, Chief Information Officer of AMD, said that IT will become a premium industry in Bihar because the environment here is suitable.
“Three things are required for the IT sector: talent, infrastructure, and willpower. All three are abundantly available in Bihar. The talent of Bihar is making a name for itself in the country and the world. The scenario of the IT sector in Bihar will now change,” he said.
Bihar Business Connect 2023 will prove helpful in globalizing the industrial landscape of the state.
