Business Connect: Sun Petrochem, Adani and others commit to invest Rs 1.8 lakh crore in Bihar

Sun Petrochemicals, Adani Group, Shree Cement, Ashoka Buildcon, Haldiram were among an array of industrial houses that lined up a record Rs 1.8 lakh crore investments across sectors in Bihar at this year’s Business Connect summit, more than triple of the amount the state received at its maiden investor meet last year.

Announcing the investment proposals received at the end of the two-day Bihar Business Connect 2024 investor summit, Industries & Tourism Minister Nitish Mishra said several memorandum of understanding or MoUs entailing investment of over Rs 1.8 lakh crore have been signed.

Sun Petrochemicals will invest Rs 36,700 crore in renewable energy including pump hydro and solar plants. Adani Group is looking to invest Rs 20,000 crore in setting up an ultra-supercritical thermal power plant. Besides, the group also announced investment towards expanding the cement capacity as well as in the warehousing and logistics sector.

At the Bihar Business Connect 2024, leading companies such as NHPC (Rs 5,500 crore for renewable energy sector), SLMG Beverages (Rs 3,000 crore for food processing sector), Shree Cements (Rs 800 crore in general manufacturing category), and Haldiram Snacks Pvt. Ltd. (Rs 300 crore for food processing sector) also inked MoUs with the state.

Investment Opportunities in Bihar

Bandana Preyashi, Secretary of the Industries Department, delivered a comprehensive presentation on the theme Investment Opportunities in Bihar during the inaugural session. She highlighted the immense industrial potential in Bihar and provided detailed insights into various incentives offered by the government to promote investment in the state.

She mentioned in her presentation, “Our sector policies are very liberal, and we are aggressively working towards stakeholder consultations and sector-specific development. We are coming up with progressive policies like the Bihar Food Processing Policy, Pharmaceutical Policy, Manufacturing Promotion Policy, and Bio-Production Policy to further attract investments. We are creating an ecosystem where small and medium enterprises complement larger industries, promoting a collective journey toward industrialization. We are committed to promoting green, renewable industries and empowering women by making them an integral part of the labour force. We invite you to explore Bihar—our infrastructure is amazing, and we have a dedicated labour force ready to support industrial growth.”

Addressing the session Deputy Chief Minister Samrat Chaudhary stated, “Over time, things gradually changed, and technology became the driving force behind the nation’s progress. Since independence, Bihar once held the top position in the country. While others advanced with technology, Bihar lagged behind. Today, we are ready to reclaim our place. With a population of 14 crore and a wealth of skilled youth excelling in exams like the UPSC, our potential is immense. It’s time to harness this talent, uplift every section of our society, and drive Bihar forward.”

“Bihar has a rich history of industries. Over the past two decades, under the guidance of Hon’ble Chief Minister Shri Nitish Kumar, we have strengthened the industrial environment here, resulting in increased interest from investors. We have maintained double-digit growth for the past fifteen years. There has been rapid progress across all sectors of industries in the state. For the first time, Bihar has emerged as a rapidly growing hub for mines on the national map. Additionally, we have developed a favourable policy for the growth of the film industry and created better locations for shooting. Moreover, in terms of infrastructure development, we have become an example in the country. In the coming times, Bihar is ready to write a new success story,” said Deputy Chief Minister Vijay Kumar Sinha.

“It feels like Bihar is truly leading the way. Progress is impossible without a skilled workforce, regardless of the number of industries established. In Bihar, with a population of 14 crore and 60% actively engaged in the workforce, we are at the forefront of skilling our youth. To meet industry-specific needs, Bihar has established 2,400 skill development centres across the state. This ensures that businesses won’t need to look elsewhere for talent. Our efforts are aimed at making Bihar self-sufficient in creating a skilled and dynamic workforce aligned with the demands of modern industries. Bihar’s legacy in industrial excellence is remarkable. In 1938, the Dalmia factory was inaugurated by Shri Subhash Chandra Bose, and in 1939, a pioneering paper mill was established. This heritage demonstrates our long-standing commitment to progress and innovation, ensuring that the state remains a hub for industrial development,” said Labour Minister Santosh Kumar Singh.