Patna, Dec 20 (IANS): The two-day Bihar Business Connect 2024 witnessed the signing of memoranda of understanding (MoUs) for investments to the tune of Rs 1.8 lakh crore in the state by leading industrial groups of the country, Bihar Industries & Tourism Minister Nitish Mishra said on Friday.
The proposed investments represent a three-fold jump over the corresponding figure for the maiden investor summit held in Bihar last year.
The Adani Group which has emerged as the largest investor in the state unveiled investment plans of Rs 29,700 crore while Sun Petrochemicals proposes to invest Rs 36,700 crore and public sector giant NHPC has lined up 5,500 crore for the renewable energy sector.
Other MoUs that were signed at the Bihar Business Connect 2024 include SLMG Beverages for Rs 3,000 crore in the food processing sector, Shree Cements plans Rs 800 crore in the general manufacturing category while Haldiram Snacks Pvt Ltd has proposed an investment of Rs 300 crore in food processing sector.
Adani Enterprises Director Pranav Adani said that the Group plans to invest around Rs 20,000 crore to set up an ultra-supercritical thermal power plant, and another Rs 2,500 crore in setting up cement manufacturing plants. The power project is expected to open up at least 12,000 job vacancies in the pre-commissioning phase – and also lead to around 1,500 skilled jobs during the operational phase, he added.
Besides, the group has lined up investments in the infrastructure sector and city gas distribution projects.
During the second day of the Bihar Business Connect 2024, Dilip Shanghvi, Managing Director of Sun Petrochemical, announced a transformative investment of Rs 36,700 crore in renewable energy and storage infrastructure in Bihar.
“This initiative, aimed at strengthening green infrastructure and aligning with the Central government's renewable energy focus, is projected to create over 30,000 jobs in the state,” he said.
The summit itself has been a remarkable success, attracting 850 representatives from Indian and international companies. Over 350 companies are expected to sign Memorandums of Understanding (MoUs) with the Bihar government, the minister said.