Essel Group’s chairman Subhash Chandra on Friday announced to invest Rs 7,500 crore towards transforming five major cities of Madhya Pradesh, namely Gwalior, Ujjain, Sagar, Jabalpur and Dewas, into smart cities.
Essel Group will evaluate development projects in infra and utility worth Rs 50,000 crore in Madhya Pradesh in the coming years, he said. So far, the Group has invested Rs 5,000 crore for similar projects. He was addressing at the concluding day of Global Investors Summit in Indore.
It will work on the smart city concept in association with the state government under public private partnership (PPP) model, Chandra said
The company under long term PPP association spanning over 35 years will nurture integrated smarter communities across major cities of Madhya Pradesh by undertaking projects in power and water distribution services, municipal solid waste management, sewage treatment, drainage and storm water management, city wi-fi and cable and broadband, etc.
Jaypee Group chairman JP Gaur talked about his long association with MP. He pledged an investment of Rs 35,000 crore in different sectors including building a smart city in Rewa. He also talked about his journey from rags to riches and how he was always full of confidence while bidding for a project even though the project used to be many times the balance sheet of the company.