Punjab firms up investment worth Rs 2,600 cr in agro-processing sector

In a significant development, the Punjab Government today firmed up investment worth Rs 2,600 crore by signing ten Memorandum of Understanding (MoUs) in different fields of agriculture, Food processing and bio mass renewable energy during the valedictory function of the Progressive Punjab Agriculture Summit (PPAS) -2014.

It might be recalled that that the Punjab Government had earlier firmed up total investment over Rs 65,000 crore by signing 128 MoUs in the Progressive Punjab Investor’s Summit held in December 2014. Out of which 62 MoUs with an investment of Rs 12,000 crore were signed between key players in the field of Agro and Food Processing and Punjab Government. With the signing of 10 new MoUs worth Rs 2,600 crore today, the total number of MoUs in the Agro and Food Processing has gone up to 72 with a total investment of Rs 14,600 crore.

Disclosing this today a spokesperson of the Chief Minister’s Office said that a MoU for setting up of ‘Centre of Potato Expertise in Punjab’ was signed amongst the Government of Netherlands, Punjab Agriculture University (PAU) and Confederation of Potato Seeds Farmers (POSCON). Another MoU was signed between M/S P&R Agri Energy Private Limited and Punjab Government to establish 20 MW Biomass power project with an investment of Rs 125 crore. Another MoU between M/S Nextgen Solux Power Private Limited and Punjab government to set up 100 MW Solar power project at Fardikot and Abohar with an investment of Rs 800 crore was also signed. Likewise another MoU was inked between M/S Sampuran Agri Ventures Private Limited and Punjab Government to set up 30 MW Rice Straw based Biomethanation Power Projects at a cost of Rs 400 crore.

Another MoU to set up nine projects for production of bio-ethanol from Rice Straw and other agriculture waste and Molasses at a cost of Rs 900 crore was inked between M/S Bio Echo Energy Private Limited and Punjab Government.

Another MoU was signed between MD Group and Government of Punjab as an innovative initiative to solve the Wheat and Rice waste problem on a sustainable economic model.  A MoU was signed between Mrs Bector Food Specialties’ Limited and Punjab government in Food Processing involving an investment of Rs 100 crore.

Three MoUs of Rs 20 crore each were signed between KTC Foods Private Limited, New Haryana Overseas, Navjyoti Agro food Private limited and Punjab government for Rice Milling having capacity of 12 Tons Per Hour (TPH), 8-10 TPH and 12 TPH respectively thereby summing up a total investment of Rs 60 crore.