Emerging as one of the most preferred destinations for investments in various sectors, attracting large investments in various fields of industry and services sector, Volvo Group and Eicher Motors are going for collaboration in Madhya Pradesh.
The joint venture of Volvo Group and Eicher Motors to invest 1600 crore in the State, said an official here today.
“Chairman of Force Motors Limited Abhay Firodia and DGM Abhay Singhi, Managing Director, CEO of VE Commercial Limited Vinod Agarwal and Vice President Nitin Nagda, Chairman of Sagar Group Sudhir Agarwal, Yashoda Linen Yarn Ltd called on Chief Minister Shivraj Singh Chouhan at CM's Office Samatva Bhawan,” the official said.
Vinod Agarwal of VE Commercial Vehicles, a joint venture of Volvo Group and Eicher Motors apprised Chief Minister Chauhan that the venture would invest Rs 1600 crore in units related to vehicle manufacturing in three districts of the State- Bhopal, Dhar and Dewas.
Chouhan said that the Global Investors Summit to be held in Indore in January 2023 will prove to be a milestone in the direction of investment and industrial development in the state. There are immense possibilities in Madhya Pradesh for automobile, textile, pharma and other industries, said Chouhan in the meeting with industrialists.
The meeting was attended by Madhya Pradesh Principal Secretary Industrial Policy and Investment Promotion Manish Singh, CMD Awanti Kumar Kankaria and Executive Director Ashish Kankaria, Chairman of Avada Ventures Pvt. Ltd. Mr Vineet Mittal and GM Mr Mukesh Singhania also attended the meeting, the official said.
Kankaria of Yashoda Linen Yarn Limited evinced interest in setting up a linen unit in the state. He said that an investment of about Rs. 450 crore would be made in setting up the stitching and weaving unit, which would create employment opportunities for 4,000 people. This group is also working on the possibilities of setting up a jute unit in Eastern Madhya Pradesh region.
Representatives of Sagar Group held discussions with the Chief Minister regarding the state's industrial policy and provisions for investment promotion assistance, while representatives of Avada Group discussed CSR activities in the state.