Rs 1.05 lakh crore investment in Madhya Pradesh expected by 2020

The foreign investment proposals worth Rs 4,385 crore are in the process of consideration/final stages in the Congress-ruled state.

Published: 18th October 2019 07:54 AM  |   Last Updated: 18th October 2019 07:54 AM   |  A+A-

Kamal NAth

Madhya Pradesh CM Kamal Nath after inaugurating an exhibition on the first day of investor summit in Indore. | ( Photo | PTI )

By Express News Service

INDORE : On the eve of Magnificent Madhya Pradesh Investors Summit, the Kamal Nath-led Congress government in Madhya Pradesh has claimed that it is hopeful of a near-guaranteed investment worth around Rs 1.05 lakh crore from industrial investors by March 2020.

According to state’s Chief Secretary SR Mohanty, “Within the period spanning between January and September 2019, the state has received committed investment proposals worth around Rs 31,500 crore, which is likely to result in around 1.03 lakh employment in the state. These are those committed proposals where the industrialists have already begun the work of establishing their units in the state.”

“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% 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.

The foreign investment proposals worth Rs 4,385 crore are in the process of consideration/final stages in the Congress-ruled state. According to MP government’s official sources, the foreign investment proposals, which are in the process of consideration/final stage in the state, include Rs 1,250 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 1,000 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.

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