Rs.18,800 crore investment proposal for Vidarbha

Nagpur :  The Maharashtra government’s two-day ‘Advantage Vidarbha-2013’ conclave notched proposals worth Rs.18,800 crore on the first day here Monday.

The Memoranda of Understandings (MoU) inked with 25 companies was worth nearly Rs.18,800 crore. These were inked in the presence of Chief Minister Prithviraj Chavan and top industrialists and officials.

Ambuja Cements and Bharat Heavy Electricals Ltd. topped the list of 25 investors with plans to pump in respectively Rs.3,300 crore and Rs.2,500 crore in the Vidarbha region.

Chavan, while assuring people the best of infrastructure and other facilities in the 11 districts making up Vidarbha region of eastern Maharashtra, also announced that the event ‘Advantage Vidarbha’ would now become an annual feature in the state’s business calendar.

“Vidarbha, strategically located in the heart of India, offers excellent scope for industries, particularly textiles, agro-products, tourism, automobiles and other sectors,” Chavan said.

“Under the state’s New Industrial Policy, we are offering lots of incentives to industries coming up in Vidarbha and other undeveloped regions of the state. I urge industrialists to take full advantage of all this,” Chavan said in his inaugural remarks.

Union Heavy Industries Minister Praful Patel, while complimenting the state government for organising the conclave, said it would give a new direction to the industrial and financial development of Vidarbha.

Patel announced that a mega international class expo centre on the lines of Pragati Maidan in New Delhi would be set up either in Nagpur or nearby industrial hub Butibori, and events like the automobiles exhibitions would be held in this region.

Speaking on the occasion, state Industry Minister Narayan Rane highlighted that the New Industrial Policy will be valid for five years.

Rane also announced the setting up of an international convention centre on 50 acres at Butibori, and assured the industry that it would be accorded all possible assistance for setting up plants in Vidarbha.

Prominent among those present at the conclave were Raymond Group chief Gautam Singhania, R.C. Bhargava of Maruti Suzuki, and legislators and parliamentarians from Vidarbha. The meet is billed as the biggest investor meet of its kind in central India.

Tata Group chairman Cyrus Mistry, who attended the proceedings during the latter half of the day’s session, announced that Tata Consultancy Services (TCS) would help generate around 16,000 new jobs at its upcoming facility in MIHAN (Multi-modal International Cargo Hub and Airport at Nagpur).

Manikgarh Cements (Rs.1,500 crore) and Amba Iron & Steel Works (Rs.1,000 crore) are the two other biggest single investors.

Some other companies which inked MoUs with the Maharashtra Industrial Development Corporation (MIDC) are: M/s. Bhushan Steels Ltd. (Rs.1,350 crore), Shaurya Tubes Pvt. Ltd. (Rs.300 crore), Avgol Textiles Ltd (Rs.290 crore), and VHM Industries (Rs.280 crore) among others.

Besides these, a logistics company, Century Infrastructure, signed a separate MoU with the state industry department with a Rs.300 crore investment proposal in Vidarbha.