Uttarakhand gets Rs 700 billion investment plans, Adani commits 65 billion

Adani Group plans to invest Rs 50 billion in a metro rail project, and Rs 10 billion to upgrade power transmission. It will create a logistics park at Rs 5 billion

Uttarakhand has got investment proposals worth Rs 700 billion, Chief Minister Trivendra Singh Rawat said on Sunday.

"Investment proposals worth over Rs 700 billion have been received and most of the memorandum of understandings have been signed with an aim to reach development to the state's hilly areas," Rawat said at a two-day Uttarakhand Investors Summit that began here today.

Among the investment proposals, the Adani Group has committed the largest sum of Rs 65 billion. The group plans to invest Rs 50 billion in a metro rail project, and Rs 10 billion to upgrade power transmission. It will create a logistics park at Rs 5 billion.

"We see tremendous potential in Uttarakhand. Its economy has grown at a rate 11 per cent in the last fiscal year. We have also signed an MoU in the area of farm production," Adani Enterprises Director Pranav Adani said.

The state government has identified 12 sectors for focussed investments. These include wellness and AYUSH, pharmaceuticals, information technology, horticulture and floriculture, natural fibres, tourism and hospitality, film shooting, biotechnology, renewable energy, food processing and automobile.

The summit is being attended by hundreds of investors from India and abroad. The Czech Republic and Japan are the country partners for the state's summit and were represented by their ambassadors to India.

Singapore's Communications and Information Minister S. Iswaran was also present at the summit.

Automaker Mahindra & Mahindra started its journey in the state with a tractor plant in 2000. In 2006, it added another plant in Haridwar, which now makes its top-selling models including Bolero.

"The state has good infrastructure and skilled manpower that provides opportunities for investors. In the 18 years of our presence, we have never faced any issues," Pawan Kumar Goenka, M&M's Managing Director, said. The group also makes 1,000 electric three- wheelers per month in the state, he added.