21 companies sign agreement with Punjab government for Rs 53,000 crore investment

MOHALI: As many as 21 companies signed agreements with Punjab government totalling an investment of Rs 53,000 crore in the state aimed at providing employment to over a lakh workers. 

These agreements include NRI business tycoon Lakshmi Mittal's commitment to expand the capacity of his refinery at Bathinda in Punjab. 

"We want to expand the refinery by another 25 per cent, we want to develop Bathinda the way Reliance IndustriesBSE 1.30 % has developed Jamnagar by providing jobs in the region," Mittal said here. 

Set up at investment of over Rs 20, 000 crore, the nine million tonne capacity refinery was started in April, last year. 

Hinduja Group also signed an initial agreement with the state government for an investment of Rs 2,000 crore. 

The company's MoU was part of the 21 pacts signed today. Hinduja Group's investment has an employment potential of Rs 5,500 crore in education, banking etc. 

Reliance Industries Chairman Mukesh Ambani  today said that his company will invest close to Rs 2,500 crore for building digital infrastructure for the 4G network. 

He said in his speech at the summit that the company may partner with Bharti Airtel for setting up the digital infrastructure. 

Another telecom major Sunil Bharti Mittal also announced an investment of Rs 4,000 crore in the agrarian state in the future. 

Bharti Enterprises today signed an initial agreement with the Punjabgovernment committing an investment of Rs 4,000 crore in the state towards building digital infrastructure. 

Biocon India Ltd Chairman and Managing Director Kiran Majumdar Shaw also urged the state Deputy Chief Minister Sukhbir Singh Badal to look at encouraging start-ups. 

She said "We are looking at investing in the state, we want Punjab to promote start-ups so that it takes least amount of time to start a business here. 

ITC Group Chairman Y C Deveshwar also urged the state government  to provide land to the company for setting up a world class food processing unit in the agriculture dominated state. 

"Give us a piece of land somewhere near Jalandhar or Ludhiana and we will set up a globally competitive food processing industry in the state," he said. 

Another corporate Hero MotoCorp said the firm was interested in setting up an education facility in the state. 

"We are looking at setting up an education facility or a university in the state and would also like to expand our healthcare business," Sunil Kant Munjal Joint Managing Director of Hero MotoCorp. 

Source: Economic times