MP to make industrial policy to be more investor friendly

BHOPAL: Madhya Pradesh government on Friday said it will amend the industrial promotion policy to make it more investor-friendly.

"While making amendments in the policy, suggestions from industries and business would also be considered," a top-level government official told reporters here.

He said the government has also decided to provide capital and interest grants to investors.

Small scale industries with an investment of Rs 20 lakh in technology parks would be given 20 per cent interest grant while industries with an investment of Rs five crore and above would get a grant of 15 per cent. He said the limit of grant is fixed at Rs 1.5 crore.

Under the amended policy, the district-level committee would have the power to clear Rs 10 crore investment projects, termed as mega projects. The amendments would be made in the mega project policy also, he said.

He said special package would also be provided to the biotechnology sector under the proposed amendments.

"The special package for biotechnology industries includes doubling of 'floor space index' and 40 per cent allotted land could be used for related purposes as also for services," he said, adding industries employing more than 500 people would be granted 50 per cent concession for their leased land.

The state government's decision coincides with the two-day Global Investors' Summit which began in Indore today.

From: http://economictimes.indiatimes.com/Latest_News/MP_to_make_industrial_policy_more_investor-friendly/articleshow/2492389.cms

Anil Ambani in Indore for GIM

Global Investors to Hold Summit in Indore Pervez Bari, Arab News

BHOPAL, 22 October 2007 — The preparations are underway on a war-footing for the Global Investors Summit to be held at Indore, the financial capital of central Indian state of Madhya Pradesh, on Oct. 26-27. According to sources, the upcoming Global Investors Meet of the Madhya Pradesh Government got a boost with around 340 investors attending. Of them, about 100 investors would be from abroad. Investors from the United Kingdom, US, Gulf countries, Scandinavia and Far Eastern countries like Singapore and Malaysia have confirmed to attendance. Many Indian top industrialists will attend, including Anil Ambani. The investors can invest in real estate, tourism, ago-industries or information technology sectors. Preparations were reviewed during a meeting with the Chief Minister Chouhan at Indore. Chouhan said that the summit would facilitate inflow of “quality investment” in the state and it would be a landmark event in the history of the state’s industrial development. He said the main idea behind the meet was to sell Madhya Pradesh as an investment destination to the world. “Madhya Pradesh will become the talking point in India and hopefully in the world,” he said. He said prospects of rapid industrialization of Madhya Pradesh had increased, adding that the state government would pay attention to development of small-scale industries and try to solve the problems of local industrialists. He said that a 300-day action plan was being implemented for development of small-scale industries. Meanwhile, the students of Indian Institute of Management (IIM), Indore, have been assigned an important role in the Global Investors Summit-2007. From: http://www.arabnews.com/?page=6&section=0&article=102719&d=22&m=10&y=2007

Parsvnath to launch Rs 800 cr residential project

MUMBAI: Realty major Parsvnath Developers on Thursday said it will launch a residential township in Indore at an investment of Rs 800 crore over the next three years.

The township, to be developed on over 200 acres of land, would offer multistory condominium, villas and plots for cosmopolitan community living, Parsvnath said in a communique to the Bombay Stock Exchange.

"Parsvnath City is a strategic development being set up in the vicinity of upcoming Parsvnath IT/ITeS SEZ, to extend a 'walk to work concept'" Parsvnath Managing Director Sanjeev Jain said.

The project is being constructed along the Rs 2,100 crore IT/ITeS SEZ spread over 78 acres of land. The SEZ would have a built up processing area of 7.47 million sq ft and would offer 40,000 potential direct employments.

Parsvnath would offer four categories of plots ranging from 1,548-3,825 sq ft in the first phase and would to be priced at Rs 8 lakh onwards, the company said.

The project would be ready for occupancy within three years from the commencement of construction, the realty major said.

Shares in the company were last trading 0.46 per cent up at Rs 373 on the BSE.

From ://
http://economictimes.indiatimes.com/Latest_News/Parsvnath_to_launch_Rs_800_cr_residential_project/articleshow/2470629.cms

M&A bug hit's Indore too :D

Lemon Tree Hotels expands into Aurangabad & Indore

From Moneycontrol

http://www.moneycontrol.com/india/news/pressnews/lemon-tree-hotels-expands-into-aurangabadindore/23/10/308148

The Lemon Tree Hotel Company announced the addition of Hotel President Park in Aurangabad and Hotel Planet in Indore, to the Lemon Tree Hotel network, today. Lemon Tree Hotels has acquired these hotels in Indore and Aurangabad effective 15th October 2007, on a long term lease.

Both hotels will continue with the existing names till the end of 2007 and will be shut down in the first half of calendar year 2008 for extensive renovation and refitment to meet Lemon Tree brand standards. The refurbished properties, aggregating over 180 rooms, will subsequently be re-launched as Lemon Tree Hotels before the end of calendar year 2008.

The transaction value amounts to approximately Rs.40 crores inclusive of deposit and renovation/refurbishment costs, and exclusive of revenue share over the term of the lease.

Mahajan & Aibara were the sole advisors to the transaction.

Patu Keswani, Chairman & Managing Director, Lemon Tree Hotels says “The addition of these two hotels to the company is value additive from two perspectives: it immediately extends the distribution of Lemon Tree Hotels into two key emerging cities and will also enable the company to test the validity of its business model via inorganic growth.”

MP-GIS 07

MP gears up for Global Investors Summit-'07

The Madhya Pradesh government has invited about 1,462 top industrialists and investors from India and abroad at the Global Investors Summit-2007 beginning October 26 at Indore.

Preparations for the two-day event in the state are nearing completion, state Public Works Department Minister Kailash Vijayvargiya said.

Trade and Investment Facilitation Corporation Ltd (Trifac) Managing Director Praveen Garg said that the state government has invited 1,462 top industrialists-investors from within and outside the country.

Chief Minister Shivraj Singh Chouhan and leading industrialists would speak on the occasion.

An air-conditioned dome is being erected for the summit, Garg said.

Chartered flights have been arranged from Bhopal to Indore to ferry the dignitaries, he said.

The Chief Minister would hold one-on-one meetings with industrialists followed by group discussions involving industrialists, ministers and senior government officials, he added.

Many agreements are expected to be signed during the two-day summit.

The state government would also felicitate NRIs and other industrialists who have contributed to the economic development of Madhya Pradesh, Garg said.

From - http://www.financialexpress.com/news/MP-gears-up-for-Global-Investors-Summit07/225380/