Adani Group planning to lend Rs 60,000 crore in MP in several sectors

Adani Group, a ports-to-energy conglomerate, stated ambitions to invest Rs 60,000 crore in the coal, energy, renewable energy, agriculture, and mineral exploration industries. However, the group did not provide investment schedules.

"During one-to-one interaction with Madhya Pradesh chief minister Shivraj Singh Chouhan on the sidelines of the two-day Global Investors Summit (GIS) in Indore, Pranav Adani, managing director (Agro, Oil & Gas), and director of Adani Enterprises, said that his group has plans to invest Rs 60,000 crore in the areas of mineral, energy, agriculture, renewable energy and coal," an official release said.

The GIS was virtually inaugurated by Prime Minister Narendra Modi earlier in the day. The chief minister asked him to give priority to the local youths in employment to which Adani said, "It is our duty".

The group will run skill development centers as per its requirement to train the youths of the state and it also has plans to establish a hospital in Madhya Pradesh. Chouhan also apprised him about opportunities to set up food processing units in the state, the release said. Meanwhile, addressing the GIS summit, Aditya Birla Group head Kumar Mangalam Birla said that his group is planning to invest Rs 15,000 crore in the state.

"We have old ties with Madhya Pradesh. Though it is not our birthplace, it is definitely our workplace. In the next five years we are thinking of investing Rs 15,000 crore in different sectors in the state," he said. At present, seven businesses of Birla Group are running in the state and their total investment has crossed Rs 60,000-crore mark. Referring to the state's economic progress in the last decade, he said that Madhya Pradesh has presented itself as a "ready for the future" state.

He informed that over 25,000 employees in the state are part of the Birla Group. In separate interactions with the chief minister, while Dalmia Bharat Group's Puneet Dalmia has expressed interest in setting up a cement plant, Godrej Industry's Nadir Godrej showed interest in making investments in the area of real estate in view of the growing urbanization, the release said. ITC Group's Sanjiv Puri while interacting with Chouhan said that the group plans to expand Farmers Producer Organisation (FPO) from 300 to 1,000 in the state with an investment of Rs 1,500 crore, it said.

Besides, Chouhan also held one-to-one interactions with Tata International's Noel Tata, Accenture Group's Rekha Menon and Reliance Industries' Nikhil R Meswani. Meswani informed Chouhan that the 5G network will be expanded to the tehsil level by the year's end and also said that at present 175 petrol pumps are being operated by the group and their number will be doubled.

He informed us that the group has plans to invest big in the solar energy sector and a necessary survey and studies are going on in the Chambal area. He also showed interest in setting up full processing units of textiles in the state, the release added.

Read More News :

Oil trading basics and how it works

Can digital yuan overpower the dollar in the future?