Following the remarkable success of the global investors’ summit “Bihar Business Connect-2024,” which resulted in investment proposals totaling an impressive ₹1.80 lakh crore, the Bihar state government has announced its commitment to convert these memorandums of understanding (MoUs) into tangible investments within one year.
Chief Secretary Amrit Lal Meena stated that the government will appoint “one nodal officer for every 5 to 10 MoUs” to enhance the ease of doing business in the state.
These nodal officers will oversee all 11 sectors for which investment proposals have been received, assisting investors in securing land and obtaining the necessary approvals, Meena explained.
Periodic reviews of progress will be conducted by the state investment promotion board, he added, emphasizing the government’s aim for the swift realization of investments.
Notable commitments from major companies like the Adani Group and Sun Petrochemicals have contributed to a record expected investment of ₹1.81 lakh crore in various sectors, including renewable energy, cement, food processing, and manufacturing during the two-day summit that concluded on December 20 in the state capital.
In total, the state signed investment agreements with 423 companies. Bandana Preyashi, secretary of the industries department, expressed excitement over the overwhelming corporate response, stating, “The Bihar government has signed MoUs for establishing 423 units with an investment of ₹1,80,899 crore, exceeding our expectations.”
In the inaugural investor meeting held in 2023, Bihar attracted investment commitments of ₹50,300 crore.
In a conversation with PTI on Sunday, Preyashi noted that the industries department has implemented a system with sector-specific nodal officers dedicated to ensuring that MoUs convert into actual investments. These officers are available around the clock to assist investors with land procurement and clearance processes.
Among the agreements made, Sun Petrochemicals plans to invest ₹36,700 crore in renewable energy initiatives, including pump hydro and solar projects.
The Adani Group, which stands as the largest private investor in Bihar, has pledged to invest approximately ₹28,000 crore in establishing an ultra-supercritical thermal power plant, while also expanding operations in cement production, food processing, and logistics.
The renewable energy sector has witnessed the highest number of investment proposals, amounting to ₹90,734 crore from 17 units. Following this, 57 MoUs were executed in general manufacturing, which amounts to ₹55,888 crore, and the food processing sector saw 70 units with a commitment of ₹13,663 crore.
Additionally, 142 MoUs related to urban infrastructure were signed, totaling investment proposals of ₹5,566 crore.
