NRIs to invest $50 mn over 12 mths in MP

BHOPAL, JANUARY 18, 2005

Announcing foreign investment possibilities of $50 million in Madhya Pradesh in next 12 months, UAE-based Indian Business and Professional Council on Tuesday sought subsidies from the state government in various forms including land, infrastructure and single-window system.

"If the state offers subsidies in different forms like land, infrastructure and single-window system, NRIs would leap bureaucratic hurdles to invest in several sectors including garments, education, medicine and tourism," the Council chairman Sudesh Agrawal, who is leading a five-member delegation, told reporters here.

"Possibilities of investing $10-15 million in a golf course, $7 million in an university and $6-8 million in textile unit... In all, $50 million in next 12 months, are being explored," he said, adding "the state should assist us to make these projects viable".

"An international-standard golf course would require 200-250 acres of land and an university would need at least 25-30 acres of land at a centrally-placed locality," he pointed out.

Meanwhile, official sources said the delegation has been assured of all possible support for establishing business units by Chief Minister Babulal Gaur, who asked the NRI businessmen to select sites for their proposed projects.

The delegation showed keen interest in setting up a water sport park with an investment of Rs 40 crore, apart from golf course in Bhopal, textile unit in Indore and hospital in Gwalior, they said. PTI

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