On the inaugural day of the summit, companies including Monte Carlo, High Spirit Commercial Ventures, and Komal Group declared their investment intentions in the state.
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NEW DELHI: The two-day Bihar Global Investors’ Summit, commenced on Wednesday, received proposals worth Rs 34,000 crore, and 40 Memoranda of Understanding (MoUs) were signed so far. According to an official an investment of Rs 40,000 crore is anticipated from the summit. “We have already received investment proposals amounting to Rs 34,000 crore and are optimistic about reaching the Rs 40,000 crore milestone by the summit’s conclusion,” said an official.
On the inaugural day of the summit, companies including Monte Carlo, High Spirit Commercial Ventures, and Komal Group declared their investment intentions in the state. MoUs totaling about Rs 554.4 crore were signed with eight firms during the first day of the event. The proposed investments include Rs 274 crore by Savi Leathers, Rs 100.5 crore by Komal Texfab, Rs 94 crore by Maa Prabhawati Textile Mills, Rs 52 crore by Cosmus Lifestyle Private Limited, and Rs 15 crore by Bharti Exim Private Limited.
Kamal Oswal of Nahar Group of Industries stated, “Our group will soon build a logistics park in Patna. Production of Monte Carlo brand items will now commence in Bihar. Our company operates industries in Punjab and Rajasthan, employing around 25,000 people, of whom approximately 40 percent are from Bihar.”
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Vijay Jha, Director of Savi Leathers, shared his journey of establishing a leather garment factory in 2009, which now exports goods to 12 countries. Despite a delay in land allocation in Bihar, Jha expressed his commitment to opening a factory in Pandaul, Madhubani, by September 17 next year.
Sandeep Poundrik, Additional Chief Secretary of the State Industries Department, informed that representatives from 16 countries, including the US, Taiwan, Japan, and Germany are attending the summit. The aim is to project the state as an attractive global investment destination. A total of 600 delegates, including those from major Indian business houses such as Adani Group, Godrej Group, and Britannia, are scheduled to participate in the two-day event.
Tiger Analytics, a Silicon Valley-based Artificial Intelligence company, has announced the inauguration of its office in Bihar, marking the first entry of a US-based IT company into the state. Mahesh Kumar, the founder and CEO of Tiger Analytics, mentioned that while his company has offices in many countries, setting up an office in Bihar was the easiest task..
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A government official stated that the priority sectors identified for potential investments in the state over the next few years include food processing, textiles, leather, and information technology.
