Ahmedabad-based Gautam Adani, promoter of the $11-billion Adani Group, is betting big on mineral-rich Jharkhand with his group signing investment commitments of Rs 50,000 crore to start a 1,600 MW coal-based power plant and a methane fertilizer plant using 'coal to gas' technology.
On 17-02-16, the Adani Group signed an MoU with the Jharkhand government for a Rs 15,000-crore investment in a 1,600 MW thermal power plant for supply to the Bangladesh grid. The group has entered into an agreement with the Bangladesh Power Corporation to provide it energy. The proposed plants will be set up in Goda and Sahipench districts of the State.
The remaining Rs 35,000 crore will be invested in a unit that will produce methane-based fertilizer.
The MoU was signed by Jharkhand Chief Minister Ragubar Das and Rajesh Adani, managing director, Adani Group, during the Jharkhand Investors Summit at the Make in India Week, said a Jharkhand government statement on Wednesday.
The State is also getting an investment of Rs 2,000 crore from the Vedanta Group to set up a steel plant, while the Jharkhand Industry Department has received 11 letters of intent from different companies committing Rs 10,000 crore in the chemical, IT, textile and construction sectors.
The Tata Group has agreed to increase its steel-making capacity in Jharkhand by another million tonne to take it to 11 mtpa after Mr Das met Tata Group chairman Cyrus Mistry in Mumbai on the sidelines of the summit.
"Jharkhand has huge location and logistical advantages. It has been blessed by nature and it alone accounts for nearly 40 per cent of the country's mineral resources. It is the largest producer of iron ore, copper, mica and uranium. Altogether, 30 per cent of the country's proven coal reserves are in Jharkhand and it is the only State to have coking coal. No other State has such fabulous mineral wealth in magnitude, scope and range," said Mr Das, unveiling the new Jharkhand Industrial and Investment Promotion Policy 2016 as part of its initiatives to ensure a smoother business climate in the State.
The investor summit was attended by corporate leaders such as Naveen Jindal, chairman, Jindal Steel & Power Limited, Prashant Ruia, promoter director Essar Group, and Tulsi Tanti, chairman and managing director, Suzlon Energy Limited, among others.
Source- The Hindu