Jharkhand CM upbeat over new projects

The Jharkhand government is confident that work will start over the next two years on 50 per cent of the Rs 200,000-crore investment proposals that it has received.

So far, the state government has signed 39 memoranda of understanding with companies for investment worth Rs 1,60,000 crore.

At an interactive session organised by the Confederation of Indian Industry on Thursday evening, Jharkhand Chief Minister Arjun Munda said he is monitoring the progress on the projects.

The greenfield integrated steel and aluminium plants for which work is in progress include Tata Steel, Mittal Steel, Jindal Steel and Power, Hindalco industries and Essar Group.

"We are keen to attract new investors in the areas of automotive components, food-processing, mining, tourism and power. The need of the hour is to tap the huge reservoir of mineral resources in Jharkhand," he said.

The state government plans to pump in Rs 200 crore for developing infrastructure in the state. Plans in the pipeline include extending the existing network of 1,600 km of national highways and 2,711 km of state highways. It is also contemplating institutional borrowings to fund its ambitious infrastructure development programme.

The government expects private sector participation in infrastructure projects, setting up of private industrial estates and development of special economic zones (SEZs) and export processing zones (EPZs).

The government is also seeking partnership in the area of building and maintenance of roads and bridges on BOT basis.

Other areas of participation include setting up of residential facilities, schools, hospitals, mining facilities, IT and telecom links and resource for power generation and distribution.

Some of the big projects that have commenced production include the Tata Steel's expansion project which involved an investment of Rs 10,000 crore, Adhunik alloy and power project (Rs 700 crore), Hindalco's project in Muri where expansion has been undertaken with an investment of Rs 700 crore, Neelanchal iron and power project (Rs 450 crore), Jharkhand Ispat project (Rs 400 crore), and ACC's Jhinkpani project (Rs 300 crore).