The first Progressive Punjab Investors’ Summit witnessed a total of 21 companies signing the Memoranda of Understanding (MoUs) adding up an investment of Rs53,000 crore in the State on the first day aiming at generating over one lakh employment opportunities.
leading industrialists from across the country, including Reliance Industries chairman Mukesh Ambani, steel tycoon lakshmi Niwas Mittal, ITC chairman YC Deveshwar, Hero MotoCorp’s Sunil Kant Munjal, Biocon chairperson Kiran Mazumdar Shaw, Bharti Airtel chairman Sunil Mittal, GVK Reddy from GVK Group, among others, converged in Mohali for the Summit, organised by the State Government, to attract investment to the State.
The MoUs, signed on Monday, include Mittal’s commitment to expand the capacity of his refinery at Bathinda “by another 25 per cent”. “We want to develop Bathinda the way Reliance Industries has developed Jamnagar by providing jobs in the region,” said Mittal.
Set up at investment of over Rs20, 000 crore, the nine million tonne capacity refinery was started in April, 2012.
Hinduja Group also signed an initial agreement with the state government for an investment of Rs2,000 crore with employment potential of Rs5,500 crore in education, banking etc.
Ambani said that his company will invest close to Rs2,500 crore for building digital infrastructure for the 4G network. He said that the company may partner with Bharti Airtel for setting up the digital infrastructure.
Another telecom major Sunil Bharti Mittal also announced an investment of Rs4,000 crore in the agrarian State in the future. Bharti Enterprises signed an initial agreement committing an investment of Rs4,000 crore in the state towards building digital infrastructure.
While ITC chairman YC Deweshwar declared that the company will set up its “showcase” food processing industry either in ludhiana or Jalandhar, Bicon chief Kiran Majumdar Shaw said that her company is taking Punjab “very seriously” for investment.
Another corporate Hero MotoCorp said that the firm was interested in setting up an education facility in the State. “We are looking at setting up an education facility or a university in the State and would also like to expand our healthcare business,” said Sunil Kant Munjal joint managing director of Hero MotoCorp.