MP investor summit: Reliance to double number of outlets in state, ITC to invest Rs 700 crore

Shishir Sinha Indore (Madhya Pradesh) | Updated on October 18, 2019 Published on October 18, 2019

ITC Chairman Sanjiv Puri announced the setting up a new food processing plant in Madhya Pradesh. File photo

un Pharma is looking to expand its two manufacturing facilities in the states

ITC Ltd, Mukesh Ambani's Reliance Industries, and others from India Inc, have listed out their investment plans for Madhya Pradesh at the investor summit.

While ITC plans to set up a modern food processing centre at a total investment of Rs 700 crore, Sun Pharma is looking to expand its two manufacturing facilities in the states. Reliance Industries said it would double the number of petrol pumps and retail outlets in Madhya Pradesh, besides setting up 45 logistic centres in the State.

In his recorded video message, played during the Magnificent Madhya Pradesh Investors’ Summit here, Reliance’s Chairman Mukesh Ambani said the company has invested over Rs 20,000 crore in the State during the last few years. It has created large-scale employment and emerged the second largest employer after the State Government. It has developed coal bed methane plants in the state and built the first and only gas pipeline that connects it with the national gas grid. This has opened up multiple investment opportunities. He said Jio has become the greatest catalyst for transforming MP into a digital society. Today, MP alone consumes more data than South Korea, the UK, France, Germany or Canada.

Talking about the future, he said the company has over 600 stores and 100 petroleum retail outlets in the State. “We will have more than double these numbers in the coming years. The new commerce initiatives of Reliance Retail will benefit tens of thousands of kirana stores and small merchants,” he announced, while adding that the state is a natural choice for a logistics hub because of its strategic location.

“Reliance will be setting up national distribution centres in MP, with over 10 million sq ft of space across 45 locations,” he said. Further, Reliance will also explore investment opportunities in the renewable energy sector to promote sustainable development and the green economy.

India Inc’s proposals

Later, addressing the gathering, Sanjiv Puri, Chairman and Managing Director of ITC, announced the setting up of a new food processing plant in the State. “Land is with us. Design work is going on and we expect production to commence soon,” he said. Besides producing all the famous brands, including ‘Ashirwad’ and ‘Bingo,’ the plant would de-hydrate locally sourced vegetables, to be sent across the country.

The company sources a large quantity of wheat from Madhya Pradesh, which produces among the finest qualities of the crop, such as ‘Sarbati.’ The company is also working on enhancing the farmer’s realisation and will focus on strengthening the agriculture value chain and irrigation storage facilities. The company also aims to encourage horticulture in the state.

Sun Pharma’s Dilip Sanghvi said his company has so far invested over Rs 500 crore in the state. Though, Sun did not have its own manufacturing units in the State, post the takeover of Ranbaxy’s assets in the State, it has two manufacturing units, Dewas and Mallanpur. “We are looking to expand these facilities,” he said.

India Cement’s N. Srinivasan said work on new cement and grinding plants in the State is in progress . However, his only ‘complaint’ was that his company has not been able to keep up with the State Government’s pace in approvals and permission.

Eleven industry leaders, including Godrej’s Adi Godrej, Bharti’s Rakesh Bharti Mittal, CII chief Vikram Kirloskar, Trident Group’s Rajinder Gupta and others participated in the one-day event..

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Published on October 18, 2019
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