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Reliance offers to invest Rs 2,500 CR in Punjab Summit

CHANDIGARH: On the very first day of Progressive Punjab Summit, Shiromani Akali Dal-BJP led government signed 21 Memorandum of Understanding (MoUs) to the tune of Rs 55,000 crore.

Punjab CM Parkash Singh Badal said that these MoUs should not just remain on papers but should be translated into real investments. Reliance IndustriesBSE 0.57 % CMD Mukesh Ambani announced to invest Rs 2,500 crore, to set up 4G services in state.

“4G would bring digital revolution in Punjab. It will enrich industry and agriculture and bring benefits to governance and businesses. We are investing Rs 2,500 crore in Punjab alone, and will connect all 147 cities of state. Initially, free connectivity will be provided to hospitals, colleges and schools. We believe these investments will generate several thousand jobs in state,” Mukesh Ambani told the gathering. CII is the institutional partner of the summit.

Reliance is also targeting sports in schools. “Sports is a better way of developing character of a man. We have partnership with basketball association, and will reach more than 100,000 children in Punjab.”

Bharti AirtelBSE -0.40 % also took the opportunity to announced investments Punjab Summit Yields 21 MoUs on Debut Day Investment proposals of Rs 55,000 cr signed; Reliance offers to invest Rs 2,500 crore over Rs 4,000 crore in the next five years to expand 4G services.

Airtel launched Punjab’s first 4G LTE services in Chandigarh Tri-City in March 2013, making it one of the first states to experience the world-class technology. As part of the agreement, the company will lay an additional 10,000 km of optic fiber across Punjab and expand its 4G footprint.

punjab-summit-proposals-of-rs-55000-crRealty major DLF vice chairman Rajiv Singh announced to invest Rs 9,000 crore. “DLF has already made substantial investments at New Chandigarh in Punjab. We are considering to launch new projects,” Rajiv Singh said on Monday.

Fortis Healthcare also announced to invest close to Rs 1,000 crore in hospitals and medical university, whereas the Mohali unit of pharma major Ranbaxy would see an investment of Rs 150 crore.

Hinduja Group has promised to invest Rs 5,500 crore. Steel magnet Steel magnate L N Mittal, while recounting his experience of setting Rs 200,00 crore refinery in Punjab, termed state as the best destination. We plan to enhance 25% of the present capacity of Bhatinda refinery,’ Mr Mittal said.

*Economictimes Media

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