Friday, March 24, 2023

Jharkhand signs MoU with Oracle, Shree Cement


Hyderabad/Ranchi, July 20: The Jharkhand government has started a single-window clearance system for industry proposals and simplified rules for investors, Chief Minister Raghubar Das said today.

Offering red-carpet welcome for foreign and domestic players wanting to set up ventures in the mineral-rich state, the Chief Minister said a congenial atmosphere is awaiting investors in the State. Das, along with senior State Government officials, had a meeting with prospective investors from Andhra Pradesh and Telangana here as part of the roadshow for the summit.

A highlight of the day long road show here was the signing of an MoU with Oracle for imparting IT–ITeS skills training through ‘Oracle Academy’ and an MoU with Shree Cement which will attract 600 crores of investment for a cement grinding unit.

Kolkata-based Shree Cement Limited today signed an MoU with Jharkhand government to set up a 3 million tonne capacity cement grinding unit at an investment of Rs 600 crore in the state. The company plans to complete the project in two years.

The MoU was signed at Jharkhand government’s road show held at Hyderabad in the run up to the Global Investors Summit early next year. Jharkhand chief minister Raghubar Das has attended the event.

Speaking to reporters, H M Bhangur, managing director of Shree Cement, said the proposed unit will meet the requirements of the Jharkhand, which is currently a net importer of cement, besides catering to the demand of the nearby markets.

However, the company would bring clinker, the raw material, all the way from its clinker plant in Chattishgarh to make the final product at the proposed grinding unit as Jharkhand has no limestone deposits to set up a clinker plant, according to Bhangur. “We propose to make both pozzolana and slag cement varieties at our plant,” he said.

The company has plans to invest in Andhra Pradesh and Telangana states but is waiting to get the land acquisition issues cleared, according to him.

Bhangur said cement prices may go up in future as the cement demand was expected to reach 8 per cent from the present 3 per cent level in the country while the new capacity addition was not taking place in line with the future demand growth.

“Road infrastructure is good, state has surplus power, water is available in plenty, Jharkhand has land and huge natural resources. I welcome investors with red carpet.

“We have to write a new story for Jharkhand. Tell me if there is any report of corruption in the last 15 months of the BJP rule,” he said.

The State Government has launched single-window clearance system and any investor intending to invest has to submit only one application, he said. “Every month I myself review the progress on MoUs signed and also on applications of investors to check if they are stuck at any level.”

Das said he directly reviews investments of above Rs 100 crore and added his Government is working on four sectors – industry, agriculture, IT and tourism – to ensure speedy development of the State.

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