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Global Investors' Summit: India Inc makes investment pledge in Jharkhand

Jharkhand could exceed the national economic growth average by 4-5%, said Arun Jaitley

Press Trust of India  |  Ranchi 

Global Investors Summit, Ratan Tata, Smriti Irani
Union Minister Smriti Irani with Tata group Chairman Ratan Tata at the Global Investors’ Summit in Ranchi on Thursday. Under the leadership of PM Narendra Modi, the country was on the threshold of projecting itself as a new India: Tata Photo: PTI

Keen to get a strong foothold in Jharkhand, Resources Group Chairman Anil Agarwal on Thursday, at the first Momentum Global Investors Summit, said he had “big plans” for the state. The initial foray will be with a $1-billion investment that includes setting up a one-million tonne steel plant, he added.

Dubbing as “a diamond in the crown of the world”, Agarwal said the state was “full of potential”.

“There is a lot of potential...This (Jharkhand) is a real Australia in India with its huge natural resources. We have a big plan but we will start with the medium size or small size project...We intend to set up a one million tonne steel plant,” Agarwal said.

Jindal Steel & Power will invest Rs 20,000 crore in in a few years, in addition to Rs 3,000 crore it has already invested in the state, the company’s Chairman, Naveen Jindal, said.

“We will take the capacity of our steel plant at Patratu here to six million tonnes from the present 1.6 million tonnes per annum,” Jindal said.

Tata group Chairman was also present at the event. Recalling his initial days in Jamshedpur, Tata said had great potential and called upon domestic and global corporates to seize the immense investment opportunity. “Under the Prime Minister (Narendra Modi) and his government, India is on the threshold of projecting itself as a new India,” said Tata, who started his career at Tata Steel in Jamshedpur. “is one such place. Its richness in mineral wealth, its natural beauty and the excitement of developing it are immense,” Tata said.

Exuding confidence in the growth of Jharkhand, Finance Minister Arun Jaitley said the state could exceed the national economic growth average by four-five per cent.


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First Published: Fri, February 17 2017. 00:28 IST