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OCT 24 2016

Essar, SRF, Trident unveil big investment plans for MP

  • Economic Times, ET Bureau / Hyderabad
  • Created: Mon 24th OCT 2016

Big corporates, including Essar Group, SRF Ltd and Trident, today announced investments worth thousands of crores of rupees in the state.

Essar Group Chairman Shashi Ruia said the company has executed several projects in the state. He felt that Madhya Pradesh is a place where investment can be planned and implemented successfully. "We have committed investments in excess of Rs 13,000 crore in the state in power generation, transmission, steel processing, steel, oil retailing and the BPO segment and employ over 6,000 people," he said here.

"We have so far invested over Rs 8,500 crore and plan to invest an additional Rs 4,500 crore in the state in power transmission and coal bed methane exploration and production."

According to him, GST will make business in India easier. Speaking at the function, SRF Ltd Chairman Arun Bharat Ram said the company has plans to invest Rs 5,000 crore in the state.

This investment will happen within the timeframe "that we look forward to do". As for the Trident Group, Chairman Rajinder Gupta said it is lining up Rs 2,500 crore in the next two years.

ITC Ltd CEO Sanjiv Puri took the line that the state has investor-friendly policies. The company's two investments in the state are "well under way", he said, adding that a food processing plant is coming up in Sehore.

"We are also putting up a large precision farm in Sehore to promote medicinal and aromatic plant farming. This facility will house a research centre," he added.

P&G India CEO Al Rajwani is of the view that GST will benefit the industry. "It is great time to be in India. P&G is here for a long term. We have lots of investments in the past. We will make more in future," Rajwani promised.

Tags

Madhya Pradesh Coal Power Generation Oil Essar Group Essar Essar Steel Essar Oil Ltd. Power India

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