Jharkhand to get Rs 5,000 cr investment from Vedanta Group

Ranchi, Feb 16 (IANS) On the first day of Jharkhand’s Global Investors Summit (GIS) in Ranchi on Thursday, the Vendata Group announced it would invest Rs 5,000 crore in the state as a pilot investment.

“This is a ghar-wapasi (home-coming) for me. In Jharkhand, we have no investments but it is my commitment we will invest Rs 5,000 crore as a pilot investment. While 90 per cent of exploration has happened globally, it is only 10 per cent in India,” said Anil Agarwal, founder-Chairman of Vedanta Resources Group.

Former Member of Parliament and industrialist Navin Jindal also announced his group would expand the exiting steel plant capacity in Jharkhand from 1.5 million tonnes to 6 million tonnes.

Ratan Tata, Interim Chairman of Tata Group, said that India needed to widen its base to new places to promote development.

“Jharkhand is one such place where the opportunity for development is immense. I urge my compatriots, both in India and beyond, to embrace the opportunities in this exciting land,” Tata said.

The maiden, two-day Jharkhand Summit was inaugurated by Union Finance Minister Arun Jaitley at Khelgaon, Ranchi.

In his message, Prime Minister Narendra Modi said that Jharkhand has taken several noteworthy steps to improve the ‘Ease of Doing Business’.

“The state’s strategic location is key to the development of the entire eastern region. Its mineral wealth has a vital role to play in the success of the ‘Make in India’ initiative,” Modi said.

Besides those from India, more than 9,000 delegates are attending the summit from partner countries — Japan, the Czech Republic, Tunisia and Mongolia — as well as from 28 other nations.