Global Investors' Summit: Assam gets Rs 651.86 billion investment

Among private players, RIL Chairman and MD Mukesh Ambani announced an investment of Rs 2,500 crore in Assam in various sectors, including retail, petroleum, telecom, tourism and sports

The inaugural day of the first-ever Global Investors' Summit in Assam saw the signing of as many as 176 initial pacts in a range of sectors with investment commitments worth Rs 651.86 billion, an official said.

Leading from the front, public sector oil behemoth ONGC committed Rs 130 billion investment in the state, according to the spokesperson of 'Advantage Assam - Global Investors' Summit 2018'.

Another oil PSU Oil India Ltd pledged an investment of Rs 100 billion the official said.

Oil India Chairman and MD Utpal Bora said the company has signed a Memorandum of Understanding (MoU) with Assam Petrochemicals Ltd and the Assam government.

"We are also signing an MoU to form a joint venture company with IOC, ONGC, NRL and GAIL.

This is to connect all the North Eastern state capital with gas pipelines from Guwahati," he added.

Two more oil firms Indian Oil Corporation (IOC) and Numaligarh Refinery Ltd (NRL) also evinced interest to invest Rs 34.32 billion and Rs 34.1 billion, respectively, the spokesperson said.

Among private players, RIL Chairman and MD Mukesh Ambani announced an investment of Rs 25 billion in Assam in various sectors, including retail, petroleum, telecom, tourism and sports, creating jobs for at least 80,000 people over the next three years. Ambani's announcement came during the inaugural function of the two-day investors' summit.

With Tata Trusts joining hands with the Assam government to roll out an elaborate cancer care programme in 17 centres across 15 districts of the state from next year, the project will see an investment of around Rs 2,000 crore, Assam Health Minister Himanta Biswa Sarma said.

Indo-UK Institute of Health will be investing Rs 27 billion, while Century Ply has shared plans of investing Rs 21 billion, the summit spokesperson informed.

"Spicejet outlined plans of Rs 12.5 billion worth of investment for Assam through seaplanes boosting the tourism sector besides connecting Lakhimpur and Jorhat under the Udaan Scheme.

Infinity Group will be investing Rs 10 billion in an IT Park and real estate project in Guwahati, he added.

The official said the Medanta Group proposed Rs 5 billion investment in the healthcare sector, while Dalmia Bharat Cement announced an investment to the tune of Rs 11 billion.

"Tourism sector, which is one of the key focus areas of the government, saw an investment proposal in concurrence of around Rs 736 crore. Infrastructure sector, a prime determinant of progress, saw a total investment proposal worth Rs 23.47 billion," the spokesperson said.

Other major companies announcing investments in Assam are: BPCL (Rs 3.5 billion), Essel Infraprojects (Rs 60 billion), Star Cement (Rs 21 billion), Infinity Infotech Parks (Rs 10 billion) and Mahindra Holidays and Resorts India (Rs 4 billion), among others, he added.

The government has identified 12 focus sectors for the summit, including agriculture and food processing, handloom- textile-handicrafts, logistics, river transport-port township, IT-ITeS, pharmaceutical-medical equipment, plastics- petrochemicals and power.

Tourism-hospitality-wellness, civil aviation, petroleum- natural gas and startups-innovation are the other focus areas for the business tycoons.