Virbhadra to hold investors’ meet in Delhi next month

Pratibha Chauhan

Tribune News Service

Shimla, September 2

Chief Minister Virbhadra Singh will hold an investor meet in New Delhi on October 5 as part of the second leg of the plan to attract big industrial houses to the state.

Invites are being extended to all prominent corporate houses by the Industry Department so that the Chief Minister can interact with business tycoons and showcase the state as an ideal destination for investment. The fact that Himachal is a power surplus state with low power tariff makes it a perfect investment destination.

So far the tentative date of investors meet in Delhi is October 5, no decision has been taken on the Chief Minister’s visit to Chennai, Hyderabad and Kolkata. Virbhadra will be accompanied by Industry Minister Mukesh Agnihotri, the Principal Secretary (Industry) and other officials of the Industry Department. Besides this, senior functionaries from departments of tourism, power, environment and information technology will also accompany him as the state is hoping to attract investment in these sectors as well.

It was in the first week of November 2014 that the Chief Minister had held investor meet in Mumbai, Bangalore and Ahmedabad to roll out a red carpet for the industry. He had tried to sell Himachal as a state with reliable uninterrupted power supply. Several relaxations and incentives that are being offered from time to time.

Agnihotri said an investment of Rs 3,361.58 crore wais expected from medium and large industries following the investor meet held in Bangalore, Ahmedabad and Mumbai. He added that an expenditure of Rs 80.11 lakh had been incurred on the investors meets.

Agnihotri said proposals worth Rs 1,000 crore had already poured in which included Rs 550 crore by Vardhman, Rs 350 crore by the Indo Rama group, Rs 150 crore by Rock and Star Distillery and Rs 60 crore by Macleods Pharma. He added that TVS Motor Company, who already have a unit in Himachal, had agreed to expand its existing unit with an additional investment of Rs 300 crore.

Officials in the Industry department point out that out of the proposal of Rs 4,200 crore, actual investment of only Rs 1,000 crore could be made. They point out that it is owing to the cumbersome clearance procedures from several agencies which discouraged many investors against setting up their industry or undertaking expansion plans.