Global Meet: MP mops up MoUs worth close to Rs 1 lakh cr

Madhya Pradesh won a ringing endorsement from leading industrialists on Monday with Anil Ambani promising to increase his stake in the state to Rs 50,000 crore.

Reliance ADAG plans to set up an integrated plant of 2,000 MW generation capacity and a 5-million tonne cement unit shortly, chairman Anil Ambani said at the Global Investor Meet (GIM) here.

The group had already invested Rs 30,000 crore on an integrated (coal-to-power, power-to-cement) plant on Sasan project which has 4,000 MW capacity, he said. It would soon invest Rs 20,000 crore to make it the largest integrated investment.

The industrialist said his company would provide power at Rs 1.19 per unit in MP and added, "power shortages in MP will become a thing of the past.''

Ambani began by saying that he was little unnerved by the timing of the summit given the prevailing global environment of concern and caution but said the enthusiasm he saw made him optimistic.

Chouhan announced that he would unveil a new scheme to lay down a time limit within which all industry-related applications and work will have to be completed. The state already has a Public Services Delivery Guarantee Act which penalises government employees for not completing work within a fixed time.

Spelling out the steps taken by the state government in recent times, the chief minister said all villages in the state will be connected by 2013-end.

"You won't feel cheated,'' he told investors recalling how he was made fun of at the start of his first innings when he spoke of making MP a leading state in industrialisation.

Chouhan said even bureaucrats were skeptical of the state achieving high GDP rate. He said that while officers felt not more than 5.5 per cent growth rate was possible during the 11th Five Year Plan, the state achieved 10.20 per cent.

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