Bihar Business Connect 2023: MoUs worth ₹554.40 cr signed in leather, textile sectors

‘Bihar wants to be among top 10 states with respect to industrial investment in the next three years and among the top five destinations in next five years’

In a boost to industrialisation in Bihar, eight companies signed memorandums of understanding (MoU) with the state government for proposed investments of ₹554.40 crore in textile and leather sectors on Wednesday, the first day of the two-day Bihar Business Connect 2023-Global investors meet.

At the first day of the two-day Bihar Business Connect 2023 at Gyan Bhawan in Patna on Wednesday. (Santosh Kumar/HT)

Speaking at the inaugural session of the summit, industries minister Samir Kumar Mahaseth said Bihar wants to be among top 10 states with respect to industrial investment in the next three years and among the top five destinations in next five years.

“For this, we have revised our industrial policy to make land available in 7-10 days. The government is committed to creating job avenues and we are ready to extend all possible help for business ventures,” the minister said and reiterated the demand for the creation of Special Economic Zones (SEZs) in the state by the Centre.

“With new policies, Bihar has changed. Join the new Bihar and enrich it. If industries grow in the state, the country will progress too. I once again request the Centre to create at least four SEZs in the state that will pave the way for fresh investment opportunities,” he said.

The industry minister also demanded that the Centre should grant special status to Bihar to ensure faster growth. He said the state government’s focus is on food processing, leather, textiles and information technology, among other sectors.

On the inaugural day of the summit, the first session discussed the textile and leather sectors, during which MoUs were signed with eight major firms for investments of ₹554.40 crore.

Notable among the proposed investments are ₹274 crore by Savi Leathers, ₹100.50 crore by Komal Texfab, ₹94 crore by Maa Prabhawati Textile Mills, ₹52 crore by Cosmus Lifestyle Private Limited and ₹15 crore by Bharti Exim Private Limited.

Speaking on the occasion, Kamal Oswal of Nahar Group of Industries, said, “Our group will soon build a logistics park in Patna. Production of items of Monte Carlo brand will now start in Bihar… Our company operates industries in Punjab and Rajasthan, and about 25,000 people work in our firm, of whom around 40 per cent are from Bihar.”

Director of Savi Leathers, Vijay Jha, said that his firm now exports goods to 12 countries. “Despite a delay in land allocation in Bihar, we were committed to opening a factory at Pandaul in Madhubani by September 17 next year,” he said.

Ramesh Agarwal, MD of Rupa Company, said products of his company were immensely popular in Bihar.

Bui Trung Thuong, trade counsellor of the Vietnamese embassy, spoke about the spiritual connection between Vietnam and Bihar, as Bodh Gaya is the land of enlightenment of Lord Buddha. “Vietnam’s leading role in the textile sector aligns with this relationship. We will explore options for the investment in Bihar,” he said.

Earlier in the day, Sandeep Poundrik, additional chief secretary (industries), said that the bag manufacturing cluster in Muzaffarpur has made a significant contribution to the industrial development of the state.

“Around 1,200 industrial machines are being used in Muzaffarpur for textile and leather production. Bihar is also performing very well in the field of MSMEs,” he said.