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

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

Keen to get a strong foothold in Jharkhand, Vedanta Resources Group Chairman Anil Agarwal on Thursday, at the first Momentum Jharkhand 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 Jharkhand 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 Jharkhand 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 Ratan Tata was also present at the event. Recalling his initial days in Jamshedpur, Tata said Jharkhand 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. “Jharkhand 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.

PROMISES MADE

Coal and Mines Minister, Piyush Goyal: To auction 30 mines, starting this financial year

Vedanta Resources: $1-billion investment, including setting up a one million tonne steel plant 

Jindal Steel & Power: Rs 20,000-crore investment, in addition to Rs 3,000 crore it has already invested   

Adani Group: To invest Rs 20,000 crore, including investment of ultra mega power plant

Essel Infraprojects: Rs 5,700 crore for development and enhancement of infrastructure 

Essar: To set up a BPO facility with a sitting capacity of 2,000