Hindustan Zinc and Cairn India on Tuesday signed MoUs with Rajasthan Government to invest Rs 20,500 crore over the next three years in the state.
The memorandums of understanding were inked by Hindustan Zinc CEO Akhilesh Joshi, Cairn India CEO and MD Mayank Ashar and Government officails in the presence of Rajasthan Chief Minister Vasundhara Raje here at a road show for 'Resurgent Rajasthan',a joint statement by the two companies said. `Resurgent Rajasthan' is a global investor's summit to be held in Jaipur in November.
Hindustan Zinc is an integrated mining and producer of zinc, lead, silver and cadmium. Cairn India is an oil & gas exploration and production firm. Both the companies are part of Vedanta group.
Raje also met other business leaders to promote investment opportunities in the state in sectors like agro and food processing, auto & engineering and renewable energy, among others.
"Rajasthan's position as an emerging market within the Indian Union is undeniable. We want to attract industrial investments which will bring about a transformation in the economic landscape of the State," Raje said at the two-day road show.
Rajasthan's BJP Government has initiated policy reforms, regulatory interventions and investment facilitation measures to enhance the ease of doing business in the state, the Chief Minister said.
The state has already implemented 64 of the 89 measures recommended by the Centre for enhancement of Ease of Doing Business (EoDB), she added. Rajasthan Minister for Public Health and Engineering Kiran Maheshwari said the State has received positive response from industry leaders and is expecting around Rs 35,000 crore investment.
Meanwhile, in Bengaluru, Rajasthan Urban Development and Housing Minister Rajpal Singh Shekhawat said, "We have introduced a single window entry system for investment to attract investment to the state.
I am overwhelmed by the response we have received in Bengaluru and I am looking forward to see a strong participation from Karnataka in the Summit being held later this year." Shekhawat is in Bengaluru to showcase investment opportunities in Rajasthan and to participate in an investors meet organised by his government in association with Confederation of Indian Industry (CII).
Explaining the advantages of investing in Rajasthan, chief secretary C S Rajan said investors in the state will have direct access to five major states of India with a combined population of 385 million.
"We have the second largest network of National Highways in India, a strong rail network of 5,822 km; three airports offering domestic and international connectivity," Rajan said.
The state also has the advantage of having surplus land, Rajan said adding, "Already, we have 324 well-developed industrial areas spread across 19,200 acres. The Delhi Mumbai Industrial Corridor (DMIC) planned on both the sides of Dedicated Freight Corridor (DFC) will offer tremendous business opportunities for investors," he added.
Earlier roadshows in Germany, Japan, Pune, Kolkata, Chennai, Hyderabad and Ludhiana have been huge successes, and have attracted the interest of various investors to the state, he said.