Bihar Secures ₹1.8 Trillion Investment Proposals at Global Investors' Meet

The Bihar government announced recently that it has attracted record-breaking investment proposals totaling nearly ₹1.81 lakh crore across diverse sectors, including renewable energy, food processing, and manufacturing. Major corporates such as the Adani Group and Sun Petrochemicals are among the prominent investors.

At the conclusion of the two-day global investors' summit, Bihar Business Connect 2024, Industries Secretary Bandana Preyashi revealed that the government had signed MoUs to establish 423 units, accounting for an investment of ₹1,80,899 crore. “We are overwhelmed with the response from corporates. It is beyond our expectations. We have received investment proposals of over ₹1.8 lakh crore,” she stated during a press briefing.

Sun Petrochemicals committed to investing ₹36,700 crore in renewable energy projects, including pumped hydro and solar plants. The Adani Group announced an investment of ₹27,900 crore, although it has yet to formalize this through MoUs. These announcements have been included in the total investment proposals.

This year’s investment proposals represent more than three times the ₹50,300 crore received at the inaugural investor summit last year. Of those initial proposals, ₹38,000 crore have already materialized, according to Preyashi.

The renewable energy sector received the highest level of interest, with proposals worth ₹90,734 crore spanning 17 projects. The general manufacturing sector saw 57 MoUs signed, totaling ₹55,888 crore, while the food processing sector secured 70 proposals worth ₹13,663 crore. Additionally, 142 MoUs were signed in the urban infrastructure sector, amounting to ₹5,566 crore.

Preyashi highlighted that the state government has a land bank of over 3,000 acres available for setting up these projects. Many companies are also independently acquiring land parcels to expedite their operations.

Regarding renewable energy projects, Preyashi noted that these ventures would take more time to become operational compared to others. She also mentioned that Coca-Cola is among the foreign investors committing to projects in the state.

The Bihar government is now focused on ensuring the timely implementation of these investments to drive economic growth and industrial development in the region.

BS