Essel Infraprojects pledges Rs 5,700 cr for Jharkhand Government towards infrastructure development
Essel Infraprojects Limited (EIL) an enterprise of Dr. Subhash Chandra led Essel Group, committed an investment of Rs 5,700 crore for development and enhancement of infrastructure in the state of Jharkhand. The announcement was made at the Momentum Jharkhand Investors Summit in Ranchi.
The Memorandum of Understanding for investment would be inked between Government of Jharkhand and Essel Infra Projects Ltd.
Essel with its futuristic objective to build smarter communities and world class infrastructure is targeting projects like roads & energy with an investment of INR. 4,000 crore & INR. 1100 crore respectively. The remaining INR. 600 crore will be pledged towards investments in Urban Infrastructure, Energy including Hydro Power and Tourism. The projects are expected to generate employment to over 1000 locals in the state.
Punit Goenka of Essel Group said, “Jharkhand has a huge potential to attract investments with its progressive policies and human resources in abundance. To realize this developmental goals, state will need an enabling infrastructure landscape for which our expertise will count in. We are eagerly looking forward to work closely with the Government of Jharkhand which is leaving no stone unturned in moving towards the country’s vision. With our expertise in handling complex infrastructure projects, this MoU provides a unique opportunity to enhance existing infrastructure and provide new transition to the development of Infrastructure in the State.”
According to the provisions of the MoU, EIL will also make investment towards Corporate Social Responsibility (CSR) where the company will arrange training, run ITI/ Polytechnic institutes for developing skill-sets amongst the youth for changing economy.
The Government of Jharkhand would facilitate Essel Infraprojects Limited to obtain necessary permissions/ registrations/ approvals/ clearances etc. from the concerned departments of the State, as per the existing policies/ rules and regulations of the State Government.
Essel Infraprojects Limited has prepared a vision document for the Smart City Governance Framework and Revenue Model for Integrated, Inclusive and Sustainable Smart Cities in India. Being thought leaders in this domain, the objective of the Group is to nurture and realize the Smart City dream while playing a vital role in implementing the convergence of smart physical infrastructure along with integrated utilities.
EIL has completed around 2100 kms of roads and are currently constructing another 2500 kms of roads, i.e. total 4600 kms of roads in various states of India such as Madhya Pradesh, Gujarat, Punjab, Haryana, Uttar Pradesh, Maharashtra and Tamil Nadu.
EIL presently manages power distribution franchise in Muzaffarpur (Bihar) and Nagpur (Maharashtra). The company also manages the Water distribution networks in Aurangabad (Maharashtra), Bhagalpur (Bihar) and Tonk (Rajasthan).
The company recently successfully commissioned its state-of-the-art waste to energy plant based on municipal solid waste in Jabalpur (MP) and Ranchi (Jharkhand). It further intends to foray into various other verticals such as city gas distribution & cable & broadband in major cities of India.