In what promises to unlock the growth potential of the backward eastern State, Jharkhand on Wednesday landed specific investment commitments to the tune Rs 62,000 crore for various “Make In India” projects, including Rs 50,000 crore investment promised by the Adani group in power and fertiliser plants.
The biggest investment commitment came from the Adani Group, which signed an MOU with Jharkhand Government for setting up two thermal power plants, involving an investment of Rs 15,000 crore and a total generation capacity of 1,600 MW of electricity. The group will also invest Rs 35,000 crore on setting up a coal-based methane fertilizer plant.
Similarly, the Jharkhand government expects an investment of Rs 2, 000 crore from Vedanta group to setup a steel plant, while the Jharkhand industry department has also received 11 letters of intent from different ompanies committing an investment of Rs 10,000 crores, under Chemical, IT, textile, construction sectors.
Jharkhand Chief Minister Ragubar Das signed a Memorandum of Understanding (MoU) with Rajesh Adani, Managing Director Adani Group, on the proposed investment in the eastern state, at the Jharkhand Investors Summit held during the during the “Make In India” Week here.
The Adani Group, which will be supplying power to be generated at the proposed thermal plants in Jharkhand to the Bangladesh grid, has entered into an agreement with Bangladesh Power Corporation for supply of power. The proposed power plants will be set up in Goda and Sahipench districts of the state.
On the fifth day of “Make-In-India” week being held at the MMRDA grounds here, the Jharkhand Government its resources and a series of initiatives to smoothen business set up process at the summit.
Speaking at the summit, Das said: “Jharkhand has huge locational and logistical advantages. It has been truly blessed by nature and it alone accounts for nearly 40 per cent of the country’s mineral resources. It is the largest producer of Iron ore, copper, mica and uranium. 30 per cent of the country’s proven coal reserves are in Jharkhand and it is the only state to have coking coal. No other state has such fabulous mineral wealth, in magnitude, in scope, in range”.
The Jharkhand chief minister also unveiled the new Jharkhand Industrial and Investment Promotion Policy 2016 as part of its initiatives to ensure smoother business set up process in the State.
The Investor Summit was attended among others by corporate leaders like Naveen Jindal, Chairman Jindal Steel & Power limited, Rajesh Adani, Managing Director Adani Group, Prashant Ruia, Promoter Director Essar Group and Mr. Tulsi Tanti, Chairman And Managing Director Suzlon Energy limited.
The Chief Minister also held one-on-one meetings with over 25 industry leaders from various industries ranging from power, entertainment, Skill and Information Technology. The companies that participated in these meetings included Oracle, HCl and Future Group.
“Today in Jharkhand factories and other establishments have to file just one return before the labour department annually. This number was earlier 36. Frequency of inspections has been reduced to once in 5 years. We have really put an end to inspector raj. 58 categories of industries have been exempted from the requirements of obtaining consents to operate and establish,” the Chief Minister further added.
The Chief Minister also met Tata Group chairman Cyrus Mistry in Mumbai during which Tata Steel agreed to augment steel production in the State by one million ton.
The company currently produces 10 million tonnes of steel. Das requested Mistry to augment the capacity of existing Tata Group companies in the state and also to establish an investment and research center in Jharkhand.
“A single window system has been established to clear investment proposals and the government has also formed a land bank and is ready to offer 200 acres land. All formalities relating to the investment would be completed in one month. We offer great opportunities in multiple sectors including information technology, mines, power and agriculture. The investors would be given breaks in VAT,” the chief minister said.