With major business houses pledging huge investments in Punjab, Deputy Chief Minister Sukhbir Singh Badal on Thursday said the corporates have shown faith and trust even after 15 days of noise in the State that has been rocked by unrest in the recent times.
As the two-day Progressive Punjab Investors’ Summit came to a close, he said, “Overall look at the sentiment. Have you ever seen in the history of Punjab the galaxy of businessmen coming hereIJ Have you seen the level of confidence (shown by them in) PunjabIJ”
Apparently referring to the recent protests and violence in Punjab over incidents of sacrilege, Badal said, “Despite 15 days of noise, the galaxy of leaders coming and showing the confidence clearly shows their trust and faith they have shown in Punjab. Captains of industry have shown confidence in Punjab.”
The two-day mega event was attended by several leading corporate leaders, including Reliance Chairman Mukesh Ambani, ITC Chairman YC Devershwar, Chairman Bajaj group Rahul Bajaj, Joint Managing Director Hero Motocorp Sunil Kant Munjal, Fortis Healthcare Executive Chairman Malwinder Mohan Singh, ICICI Bank MD Chanda Kochhar and Sun Pharma MD Dilip Shanghvi.
During the investors’ summit, the corporates pledged to launch proposals worth Rs1.15 lakh crore for which a total of 378 MoUs were signed.
Among companies, ITC has announced to double its investment to Rs1,400 crore while Hero Reality and DlF committed to pump in Rs700 crore, and Rs9,200 crore respectively in the State.
Companies like GVK, ICICI Bank, Fortis Healthcare, Adani, Kings College, Apollo hospitals, Trident, Nahar, Walmart would also put their money in the state.
"We have been able to expose Punjab to investors. The best part is that people from across the country and internationally came here and they shown their interest in the state," Badal said, adding that the thrust of the State Government was to attract quality investments rather than focusing on quantity.
CII congratulates Punjab Govt for successful Summit
Confederation of Indian Industry (CII) has congratulated the Punjab Government for holding what it called “a highly successful” Punjab Investors’ Summit with overwhelming response, resulting in MoUs of more than Rs1.15 lakh crore. The industry body called for an aggressive follow up and early implementation of various policies and schemes announced here, so that the promised investments indeed pour in soon.
lauding the pro industry initiatives, fiscal and non-fiscal incentives, and policy measures announced at the 2nd Progressive Punjab Investors’ Summit by Deputy Chief Minister, Sukhbir Badal, Shreekant Somany, Chairman, CII NR & CMD Somany Ceramics ltd said, “CII, which was an Institutional Partner in the event, is very optimistic that these fast paced reforms aimed at enhancing transparency, ease of doing business, and creating an eco-system with ‘minimum Government and maximum governance’, improve and streamline the regulatory environment, and ensure time bound clearances in Punjab, has boosted up the investor sentiments and would attract unprecedented investments in the State in next twelve months. CII is fully committed to work and in hand with the Govt and extend all possible support”.
MOUs signed BIO-REFINERY projects worth Rs950 crore
In the summit, Punjab on Thursday inked a MoU for setting up of bio-ethanol refinery with a consortium of Beta Renewables, Novozymes and CVC India Infrastructure Pvt. ltd, for an estimated project worth Rs950 crore. This would go a long way in tackling the major problem of paddy straw burning, resulting in irreparable loss to land’s fertility and environment.
The MoU was signed due to the efforts of Bikram Singh Majithia, Renewable Energy Minister Punjab due to which the largest ever bio-refinery would come in the wheat bowl of the country that is expected to solve the chronic problem of wheat and paddy straw burning besides enriching farmers who would be paid for agro-based.
The Summit also witnessed inking of 12 MoUs worth Rs21,305 crore including 300 MW solar plant and 150 MW solar plant with Neuron Power Solutions Pvt ltd, Biomass Power Plant by Sukhbir Agro Energy ltd, 100 MW waste to Energy Projects by AG Dauters Consulting Pvt ltd, 100 MW power generation unit by Navrattan Group, Co-Generation Power Plant by Indian Sucrose ltd and 50 MW solar power plant by Imperial Solution Pvt ltd.
It was informed that Punjab envisions having Renewable Energy capacity of 5,400 MW by 2022, of which 4,200 MW shall be solar energy. Solar power capacity in Punjab has grown from 9MW in 2012 to 218 MW in 2015. The State Government further aims at achieving a solar power generation of 500 MW by March 2016.
Prominent amongst others who spoke on the occasion included Markus Wypior, Deputy Director Indo-German Energy Program, Green Energy Corridors, Stewart Davis, Energy Officer, US Embassy New Delhi, Rajat Seksaria, Business Head, Punj lloyd Infrastructure ltd, Pawan K Aggarwal, President Corporate Finance, Yes Bank and KS Popli, Chairman Indian Renewable Energy Development Authority.
Navrattan group to set up Rs1,500 cr green cement plant
The Navrattan Group on Thursday firmed up an investment of about Rs1500 Crore in Punjab, primarily in the Cement and the Power Generation sectors.
Chairman of group, Himanshu Verma in his meeting with Deputy Chief Minister said that the major milestones of the Navrattan Group include Navrattan Cement Industries llP which uses green based cement technology to produce green cement by using by-products like fly ash with its manufacturing facilities coming up in Rajpura and Bathinda. The Group, with its inventions in Green based technologies has ventured into various sectors such as Renewable Energy, Infrastructure, Realty, Biosciences, Agriculture and Healthcare, aimed towards equitable and sustainable growth. Verma said that the company has already signed an agreement with l & T Thermal Power Plant for 24 years for lifting their fly ash.
Videocon mobile assembly plant to come up in Punjab
Electronics company Videocon on Thursday said it set up a mobile assembly plant in Punjab which will generate employment for 3,000 people at an investment of Rs500 crore over the next three years. The company did not however identify the location of the proposed plant.
Addressing the 'Progressive Punjab Investors' summit, Videocon director Anirudh Dhoot said that the investment will be made over the next three years to assemble mobile handsets along with the manufacturing of set top boxes.
"I have visited several States, but the speed of progress, development and treatment given to industrialists in this state is of par excellence," he said.
"With such futuristic step, the company aims to generate 3,000 employment in Punjab, thus creating a platform for skill development and give impetus to the growth of the economy," he added.