Khajuraho summit attracts Rs2.36 lakh crore investments for MP

The Madhya Pradesh government would be justified in calling its two-day investor summit at Khajuraho, which ended on Saturday, a big success, as corporate majors  lined up to sign investment agreements worth Rs2,35,966 crore.

The companies were particularly keen on exploring mining prospects in Madhya Pradesh, with value addition the salient feature of the new investment policy unveiled by chief minister Shivraj Singh Chauhan.

The sixth investor meet also saw the state offering land at concessional rates, besides fiscal incentives such as exemption of Mandi fee and reimbursement of VAT under the 'new industrial promotion policy 2010', which takes effect from 1 November.

During the interaction between the representatives of industry and the state government, it was also made clear that regular monitoring of the memorandums of understanding (MoUs) would be carried out so that industrial units are set up within the stipulated timeframe. Cautioning industry not to take the MoUs lightly, the chief minister said if no follow-up action is taken within two years, the MoUs could be cancelled.

The Anil Dhirubhai Ambani Group (ADAG), cement major UltraTech, the state-owned National Thermal Power Corp, Videocon Industries, GAIL (India), and the Essar Group were some of the major companies that announced new investments in sectors such as energy, mining, cement, ferroalloys, and white goods. Global mining major Rio Tinto signed a state support agreement for its Rs2,300 crore diamond mining project in Chhatarpur district.

The Delhi-Mumbai industrial corridor authorities and the Madhya Pradesh government's Trade & Investment Facilitation Centre (TRIFAC) signed agreements for investments worth Rs33,147 crore. The projects include the 22-km Indore-Pithampur economic corridor and 'knowledge city' in Ujjain.