MP govt still optimistic on investment

Though the MP government is sitting on many proposals, buoyed by with the clearance of the Bina refinery, the government is upbeat on other investment projects.

The Federation of Indian Chambers of Commerce and Industry will partner with the state government to sell its projects and organise a mega even later this year.

Speaking to Business Standard, a top official of the department of industry said, "A number of textile units, private power projects, tyre manufacturing units, and auto units are coming to the state. Some of them already have started work and some are near completion." A section of the media had criticised the slow pace of the government in framing policy for attracting investment.

Naming some companies the official said SP Oswal-promoted Vardhman group has lined up Rs 1,900 crore investment in Budni (Sehore district) and Satlapur near Mandideep industrial area. The company has started work on both the projects. Budni will attract Rs 1,400 crore investment while Satlapur will attract Rs 500 crore. The company will set up an integrated textile mill in Budni to generate jobs for 3000 people."

He also said tyre makers like Bridgestone and JK Tyres have also on expansion move. Tractor major Tractor and Farm Equipment (TAFE) is likely to complete the Rs 100 crore expansion plan in Mandideep this year. Moreover, a number of firms have readied their investment proposals in the special economic zone in Pithampur near Indore.

"Gwalior has also attracted a considerable size of investment in terms of expansion. Wartsila India Ltd is setting up a power utility in Malanpur by joining hands with local industrial houses, Hotline Ltd has completed the first phase of picture tube manufacturing unit. The firm will make a total investment of Rs 800 crore. Similarly a number of firms have lined up in Katni area (near Jabalpur) for stone cutting and polishing units. A company Siddi Vinayak Industries is going to complete an investment of Rs 400 crore in Katni for stone cutting and polishing unit. We are also in talks with a US based firm ISN Corporation for power generation. The size of investment may go up to Rs 10000 crore."

Although the state government had made tall claims, the government has yet to define its industry policy afresh, frame a new power policy, privatize its only special economic zone, provide international status to its Indore and Bhopal airports, attract private firms in Information Technology by marketing its Crystal IT park in Indore, which has no takers so far.