Bihar Business Connect 2023: MoUs signed with 38 firms for investment of Rs 26,429 cr

Patna, Dec 13 (PTI) Memorandums of Understanding (MoUs) were signed between the Bihar government and 38 companies on Wednesday for proposed investment of Rs 26,429 crore in textile, leather, food processing and general manufacturing sectors in the eastern state.

Major investment commitments include 7,386.15 crore by Indian Oil Corporation Limited (IOCL), Patel Agri Industries Private Limited (Rs 5,230 crores), Indo-European Research and Healthcare Private Limited (Rs 2,000 crores), Dev India Project and Spray Engineering Devices Limited (Rs 1,600 crores), UltraTech Cement Limited (Rs 1,000 crores) and Spray Engineering Devices (Rs 800 crore).

Speaking at the inaugural session of the two-day global investors' summit 'Bihar Business Connect-2023' here, Bihar industries minister Samir Kumar Mahaseth iterated the demand for the creation of Special Economic Zones (SEZs) in the state by the Centre, and assured the delegates that the Nitish Kumar government would provide all assistance to them for establishing industries.

"With new policies, Bihar has changed. Join the new Bihar and enrich it. If industries grow in the state, the country will progress too. I once again request the Centre to create at least four SEZs in the state that will pave the way for fresh investment opportunities," he said.

"There is no doubt that investors are coming to Bihar. An increase in investments would take Bihar to the list of top 10 states in terms of industries in the next five years, and in the subsequent five years, Bihar will make it to the list of top five states in the country," the minister asserted.

Stating that the Centre should grant special status to Bihar to ensure faster growth, he said the state government's focus is on food processing, leather, textiles and information technology, among other sectors.

While addressing the gathering, Sanjay Kumar Jha, state Minister for Information and Public Relations, said that the global investors' summit would bring significant change to the state's business environment.

"The Bihar government is doing everything to attract investments. The state would now be known for industries due to the government's investment promotion policies," he said.

On the inaugural day of the summit, the first session discussed the textile and leather sectors, during which MoUs were signed with eight major firms for investments of Rs 554.4 crore.

Notable among those were Rs 274 crore by Savi Leathers, Rs 100.5 crore by Komal Texfab, Rs 94 crore by Maa Prabhawati Textile Mills, Rs 52 crore by Cosmus Lifestyle Private Limited and Rs 15 crore by Bharti Exim Private Limited.

In the second session, discussions were held on investments in the food processing sector.

MoUs for investment of Rs 10,304.91 crore were signed with 15 major firms in the food processing sector. These included Patel Agri Industries Private Limited (Rs 5,230 crore), Dev India Project (Rs 1,600 crore) and Spray Engineering Devices Limited (Rs 800 crore).

In the third session, a discussion on investment in the general manufacturing sector took place.

Fifteen leading companies in the general manufacturing sector signed MoUs worth 15,570.61 crore, including Indian Oil Corporation Limited (Rs 7,386.15 crore), Indo-European Research and Healthcare Private Limited (Rs 2,000 crore), UltraTech Cement Limited (Rs 1,000 crore), Star Cement (Rs 650 crore), Bharat Energy Distillery Private Limited (Rs 614 crore), Medical World Private Limited (Rs 600 crore) and Bharat Plus Ethanol Private Limited (Rs 565 crore).

Besides, Shiv Industries committed an investment of Rs 480 crore, while Shri Nilayam Pre Coated Private Limited committed Rs 261.26 crore, Bharti Airtel Rs 250 crore and RKD Sports India Private Limited Rs 245 crore.

Speaking on the occasion, Kamal Oswal of Nahar Group of Industries, said, "We will soon build a logistics park in Patna. Production of items of Monte Carlo brand will now start in Bihar... Our company operates industries in Punjab and Rajasthan, and about 25,000 people work in our firm, of whom around 40 per cent are from Bihar.

Vijay Jha, Director of Savi Leathers, shared his journey of starting a leather garment factory in 2009. His firm now exports goods to 12 countries.

Despite a delay in land allocation in Bihar, Jha said he was committed to opening a factory in Pandaul in Madhubani by September 17 next year.

Ramesh Agarwal, MD of Rupa Company, said that the products of his company were immensely popular in Bihar and spoke on his impression of growth of the state.

Bui Trung Thuong, trade counsellor of the Vietnamese Embassy, spoke about the spiritual connection between Vietnam and Bihar, as Bodh Gaya is the land of enlightenment of Lord Buddha.

"Vietnam's leading role in the textile sector aligns with this relationship. We will explore options for the investment in Bihar," he said.

Rakesh Swami, group president of Godrej Group, expressed confidence in investing in the food processing sector in Bihar.

Senior Economic Advisor from the United Arab Emirates, Ahmed Mohammed Mubarak Najim, mentioned the recent trade agreement between India and UAE, which has created a new environment for bilateral trade.

The UAE recently imported 'makhana' worth 2 million dollars from India.

Earlier in the day, Sandeep Poundrik, Additional Chief Secretary of the state Industries Department, spoke about the state's history and current industries.

He said that the bag manufacturing cluster in Muzaffarpur has made a significant contribution to the industrial development of the state.

Representatives from 16 countries including the US, Taiwan, Japan and Germany, are attending the summit, which aims to project the state as an attractive global investment destination.

A total of 600 delegates, including those from major Indian business houses such as Adani Group, Godrej Group and Britannia, are scheduled to take part in the two-day event. PTI