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NRI Vinod Ghildiyal of Globe One Inc. will invest $10 million in Chhattisgarh
CM of Chhattisgarh signed (MoU) to set up a 1,000 MW power plant


Minneapolis, May 25, 2005

The Chhattisgarh Chief Minister, Raman Singh, during his maiden visit to the United states and Canada signed a memorandum of understanding (MoU) to set up a 1,000 MW power plant in his state.

The Chhattisgarh CM, among other firm investment proposals, also received a letter of intent from a successful Indo-American businessman to invest $10 million (over Rs 43 crore) in medicinal plants, herbs and bio-fuel in the state.

"This has been a highly successful trip for states's development and attracting investment in Chhattisgarh," Singh told over telephone from Orlando, on his way to Washington.

From Washington DC, Singh leading a high level delegation from Chhattisgarh, left for New Delhi via Amsterdam. He is scheduled to reach Delhi on May 26.

Singh, who made as many as eight presentations before American businessmen and non-resident Chhattisgarhians in various cities of the United states and at Toronto in Canada, said the MoU to set up the 1,000 MW coal-based power plant was signed with the Taxes Power Corporation at Tempa on May 22.

Final decision about the place of the power plant, at an estimated cost of Rs 4,000 crores would be taken in consultation with the state Investment Promotion Board later, he said.

Singh said people at all these meetings expressed a keen interest in making investment in the state, particularly in the field of bio-fuel, medicinal plants and herbs and adding some values to it.

The $10 million investment proposal has been received from Globe One Inc, owned by a NRI Vinod Ghildiyal. Beside this, he said people also expressed avid interest in areas of power plants and commercial use of fly-ash. "The state is fast emerging as a favourite investment destination," he claimed.

"There were other firm investment proposal, but it would be too premature to disclose the details," Singh said, adding that investors were attracted with the rich mineral and natural resources of the state, besides the investor-friendly policies of Chhattisgarh.

The state has huge coal and iron ore deposits.

With the state having lot of little-known but famous religious places, particularly for the people Gujarat, Singh also had a meeting with the non-resident Gujaratis in the US. "We want to promote religious tourism," he said.

Chhattisgarh is the birth place of popular spiritual Gujarati leader Vallabhacharya. Places like Rajim, Champaranya, Dongargarh, Ratanpur and Sirpur are destinations for pilgrim tourism in Chhattisgarh.

Terming his meeting at Toronto on May 19 organised by the Indo-Canada Chamber of Commerce great success, Singh said, a large number of Canadian companies expressed their desire to "sign an MoU with us to make huge investment in bio-diesel plants and also taking benefit of the state's rich mineral resources".

Singh who left Chhattisgarh on May 16, gave his first presentation before American and NRIs business at New York on May 18 at a meeting organised by the Confederation of Indian Industry.

The delegation also had meeting with the Chhattisgarh NRI Association members organised by its president, Chandrakant Patel, at Tampa.

Besides, giving presentations before a select audience in Washington, he also addressed meetings at Orlando and Tampa.

During his trip, Singh was accompanied by the Chief Secretary AV Vijayvargiya, the Principal Secretary (Industry and Commerce), Shivraj Singh, the CEO of Chhattisgarh Infotech and Biotech Promotion Society, Aman Kumar Singh, OSD to Chief Minister, Vikram Sisodia and CGM in Industry Department, SK Gupta.