Bihar govt expects Rs 1 lakh crore MoUs to be signed during business connect event

Patna : The Bihar government is expecting to sign MoUs worth approximately ₹1 lakh crore on the second day of the 'Bihar Business Connect 2024’ event on Friday.

The officials claimed that around 350 companies have confirmed their intent to invest in Bihar and would sign MoUs.

Over 815 prominent investors have participated in the event so far, showcasing growing confidence in Bihar’s investment potential.

The largest investment announcement comes from Sun Petrochemicals, pledging ₹20,000 crore.

The National Hydroelectric Power Corporation (NTPC) plans to invest ₹5,500 crore in the state.

The globally-renowned iPhone manufacturer Foxconn has expressed interest in investing in Bihar, signalling a potential boost for high-tech industries in the region.

According to an official, the number of investors and investment proposals has doubled compared to last year, indicating growing industrial momentum.

Investment proposals worth over ₹1 lakh crore are expected to be signed in this event. It will make a significant milestone in Bihar’s economic development journey.

The official said that active discussions are underway with major industry players including Sun Petrochemicals, Ankur Biochem, Captain Steel, Shree Cement, Birla Cement, JK Cement, Dalmia Cement, Haldiram, Supreme Group, and Adani.

MoUs with these companies are expected to be signed by the end of the event.

The second day will feature a CEO round table meeting, bringing together ministers, senior government officials, and top industrialists to deliberate on Bihar's industrial strategy and policy framework.

The two-day event is being held at Gyan Bhawan in Patna, with the second day marking the conclusion of this landmark gathering.

Videos on Bihar's industrial potential and policy framework are being showcased to underline the state's growth prospects and the rapid development of textile clusters, bag manufacturing, and military footwear exports.

Nitish Mishra, the industry minister of the Bihar government has said, “Our government has a commitment to transform Bihar into an industrial powerhouse by creating a conducive ecosystem for businesses, emphasising policies that support sustainable development and economic diversification.”

“The final figure of MoUs will be shared at the end of the event but whatever we have discussed on day one was fruitful for us,” Mishra said.