Ahead of investors summit, MP government expects investments worth Rs 1.05 lakh crore by March 2020

Once actualized on ground, the investments would lead to creation of employement for more than 2.10 lakh people.

Published: 17th October 2019 08:02 PM  |   Last Updated: 17th October 2019 08:02 PM   |  A+A-

Madhya Pradesh CM Kamal Nath

Madhya Pradesh CM Kamal Nath (File Photo| PTI)

By Express News Service

BHOPALl/INDORE: Even before the Magnificent Madhya Pradesh Investors Summit formally starts in Indore on Friday, the Kamal Nath-led Congress government in the state has claimed that it’s hopeful of near guaranteed investments worth around Rs 1.05 lakh crore from industrial investors by March 2020.

According to Chief Secretary SR Mohanty, though the new government came to power in December 2018, the actual work began in January 2019. Since then around 2-3 months were spent on conducting Lok Sabha polls.

"But within the period spanning between January and September 2019, the state has received committed investment proposals worth around Rs 31,500 crores, which is likely to result in the employment of around 1.03 lakh people  in the state. These are the committed proposals where the industrialists have already begun the work of establishing their units in the state," Mohanty said in Indore on Thursday.

"Added to them are investment proposals worth around Rs 74,260 crore, where the investors have already identified land for starting their units and have also completed other related processes. We expect the conversion rate of these proposals to be over 75 per cent and are hopeful of around 1.08 lakh employment being generated once they are actualized on ground. In total, we expect near guaranteed investments worth over Rs 1.05 lakh crore by March 2020, which is likely to lead to 2.10 lakh-plus employment," maintained Mohanty.

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Foreign investment proposals

The foreign investment proposals worth Rs 4385 crores are in the process of consideration/final stages in the state.

According to official sources in the state government, foreign investment proposals, which are in the process of consideration/final stage, include Rs 1250 crore proposal of Israel-headquartered Avgol Company (a global leader in manufacture of market leading non-woven fabric solutions) and a Rs 258 crore proposal from Israeli pharmaceutical giant Treva Pharma.

Further, a Rs 400 crore investment proposal from Japanese auto and truck parts manufacturer multinational company Bridgestone and Rs 1000 crore investment proposal by Norway-headquartered Statkraft (leading company in hydropower internationally and Europe’s largest generator of renewable energy) is also in final stage, sources added.

The other important foreign investment proposals in final stage of consideration, include Rs 375 crore proposal US based pharma company Par Pharma, Rs 162 crore proposal of Netherlands headquartered Case New Holland (a global leader in capital goods sector) and a Rs 90 crore proposal from another US based company, the Teneco Automative (world’s leading designer, manufacturer and distributors of clean air and ride performance products).

Further, an Rs 500 crore proposal from US based multinational consumer goods major Proctor and Gamble for expanding its operations in the state too are in the final stage/consideration.

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