Bihar lottery started! Investors expressed confidence, received proposal for bumper investment of Rs 1.81 lakh crore

Patna : Amidst the changing viewpoint regarding Bihar, investors have expressed their full confidence. Adani Group, Sun Petrochemicals and several other companies on Friday committed to invest a record Rs 1.81 lakh crore in Bihar in sectors ranging from renewable energy to cement, food processing and manufacturing. The state signed investment commitments with 423 companies at its second investor conference 'Bihar Business Connect, 2024'.

Bihar's Industry and Tourism Minister Nitish Mishra said that investment proposals worth Rs 50,300 crore were received in the first investors conference held in 2023. Mishra said, “We have today signed memoranda of understanding (MoUs) related to investments worth more than Rs 1.8 lakh crore. “This number is being collated and may increase.”

The biggest investment announcement in this conference was made by Sun Petrochemicals. The company will invest Rs 36,700 crore in renewable energy projects including pumped hydro and solar plants. Adani Group, the largest private investor in the state, has also committed to invest about Rs 28,000 crore in setting up a state-of-the-art power plant as well as expanding cement production capacity, food processing and logistics business.

Proposal to invest Rs 10,000 crore in clean energy projects

Additionally, state-run NTPC's renewable energy arm has proposed to invest Rs 10,000 crore in clean energy projects. SJVN has also committed to invest a similar amount for the pumped storage project. Construction and engineering major Ashoka Buildcon has proposed to invest Rs 9,000 crore in setting up a green hydrogen unit in the state.

NHPC, the country's largest hydropower producer, has proposed to invest Rs 5,500 crore to set up a 1,000 MW solar project, while SLMG Beverages (a company that makes bottles for Coca-Cola) has proposed to invest Rs 3,000 crore, Shree Cements Rs 800 crore and Haldiram Snacks Pvt. Ltd. Has committed to invest Rs 300 crore. Although the Tata Group has not signed any investment commitment, it has committed to skilling the workforce in the state.

Mishra said, “The state government is committed to developing Bihar as a major destination for investment in the country. I express my heartfelt gratitude to all those who participated in the investor conference and became a part of this new journey of Bihar.” He said, “I am confident that Bihar has the potential to become a major growth engine of the country. We signed MoUs with various investors worth more than Rs 1.80 lakh crore in various sectors… This is a big achievement for Bihar.”

What did Deputy Chief Minister Vijay Kumar Sinha say?

On this occasion, Deputy Chief Minister Vijay Kumar Sinha said, “Bihar is the land of history and future of the country.” At the conclusion of the two-day conference, Industries Secretary Bandana Preyasi told reporters that the Bihar government has launched 423 new industries with an investment of Rs 1,80,899 crore. MoU has been signed to set up the units. “We are overwhelmed by the response we have received from companies,” he said. It is beyond our expectations. The government will now focus on making these investments a reality.”

He said that in the investors conference held last year, an MoU was signed for investment of Rs 50,300 crore. Of those, proposals worth Rs 38,000 crore have already become reality. When asked about Adani Group's investments, Preyasi said that the group has announced a total investment of Rs 27,900 crore. The Industries Secretary said that the highest investment proposals worth Rs 90,734 crore have come in 17 units in the renewable energy sector. 57 MoUs worth Rs 55,888 crore were signed in manufacturing while MoUs worth Rs 13,663 crore were signed in the food processing sector.

142 MoUs signed with investment proposals worth Rs 5,566 crore

Preyasi informed that 142 MoUs were signed with investment proposals worth Rs 5,566 crore in urban infrastructure. Apart from this, Rs 3360 crore (25 units) to health sector, Rs 2988 crore (13 units) to tourism and hotel sector, Rs 2,976 crore (5 units) to real estate, Rs 2159 crore (12 units) to IT, With an investment of Rs 1,660 crore (43 units), Textiles and Leather at Rs 1259 crore (24 units) and Plastic and Rubber at Rs 665 crore (5 units). Proposals have been received.

He said that even though this amount may seem less in the textile and leather sector, these sectors have the highest potential for employment generation. The Bihar government is promising fiscal incentives as well as providing single window clearance to companies investing in the state.

With agency input.

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