Three MoUs signed in Singapore

ON DAY Two of Team MP?s South East Asia visit, three MoUs were signed between the MP State Industrial Development Corporation (MPSIDC) and Singapore-based companies on Monday.

india Updated: Dec 12, 2006 13:22 IST

ON DAY Two of Team MP’s South East Asia visit, three MoUs were signed between the MP State Industrial Development Corporation (MPSIDC) and Singapore-based companies on Monday.

The first MoU was signed with the ECU HOLD NV is a company incorporated in Belgium with a worldwide presence. The first MoU is for setting up of a container freight station/inland container depot/ bonded warehouse and similar projects at Pithampur near Indore. Company chairman Shashikiran Shetty and MPSIDC Managing Director Praveen Garg singed the MoU.

The service spectrum to be provided by the company covers multi-model transport operations; port-related logistics support services and handling project cargo. The company plans to invest over Rs 60 crore in the State. According to press release, the State Government has agreed to provide four hectare land on concessional rate for industrial use. The facility is expected to give boost to the industrial development in the western part of the State.

The second MoU was signed with the Global Indian Business Network Private Limited of Singapore to establish a chain of convention centres and hotels at various locations in the State. The third MoU was signed with the Landcrop Partners Pvt Ltd to establish various rural shopping malls, multiplexes and entertainment centres in towns in the State. Chief Minister Shivraj Singh Chouhan was present on the occasion.

Talking to the Hindustan Times from Singapore, Praveen Garg said if the other two MoUs come into effect, the investment to be made by Global Indian Business Network would be between Rs 200-300 crore. In the case of Landcrop Partners Pvt Ltd, the expected investment would be more than Rs 40 crore.

“Both the companies will visit the State to explore possibilities and project viability during the Khajuraho meet, and it’s only after it, the final decision would be taken by the companies. He added that the Global Indian Business Network would like to open convention centres and hotels in Bhopal, Indore, Gwalior, Jabalpur.

The Landcorp Partners has shown interest in opening of 25 rural shopping malls in the initial stage. “Based on the response, more number of malls and entertainment centres would be opened,” Garg remarked.

According to an official release, the CM held detailed discussions with business delegates at a high-level interactive meet organised by Singapore Business Federation, showcasing the potential investment opportunities in the State.

Assuring Government’s cooperation, Chouhan urged them to invest in the State. The CM also extended invitation to the NRIs and industry for the two-day business meet, to be organised in Khajuraho from January 16 and for the Destination Madhya Pradesh scheduled in Bhopal in October next year.

The CM visited Jurong Town Corporation (JTC), where Tang Tat Kwong, Group President and CEO briefed him. JTC is Singapore’s leading provider of industrial space solutions offering a wide range of industrial and business facilities tailored to suit all types of manufacturing and related operations. Chouhan and Industries Minister Babulal Gaur also had a meeting with senior minister and former prime minister of Singapore Goh Chok Tong.

The Team MP is on a tour to Singapore and Kuala Lumpur from December 10-14 as part of ‘Destination Madhya Pradesh’ exercise to bring investments in the State.

MPSIDC agreements with companies
Company Proposed investment Sector
ECU HOLD NV Rs 60 crore Inland container depot/ cargo handling.
Global Indian Rs200-300 crore Hotels & convention centres.
Business Network
Landcorp Partners Rs 40 crore plusRural shopping malls, multiplexes.
* Investments will be made only after actualisation of MoUs.

First Published: Dec 12, 2006 13:22 IST