Global agri-business summit attracts investment proposals worth Rs78,000 crore

India's first Global Agri-business and Food Processing summit opened in Bangalore today, attracting investment proposals of over Rs78,000 crore from a lead bank and around 30 private players.

The state-run State Bank of India (SBI), as the lead investor, signed an agreement with the state government to invest Rs40,000 core in funding agri-business projects in partnership with the private sector.

Srei Infrastructure Finance Ltd and Wadhawan Mega Infrastructure Ltd are among the leading firms that signed agreements to invest Rs15,000 crore and Rs10,000 crore respectively in the state.

Also Welspun Infratech Ltd plans to invest Rs5,000 crore in agri-business infrastructure and Marg Ltd Rs4,000 crore in agro-industrial clusters and agri infrastructure. Akshayakalpa Farms & Food Ltd plans to invest Rs1,000 crore in agri-based enterprise models, organic milk and milk products' manufacturing units.

"We have also signed agreements with another 23 firms on the first day of the two-day summit for an additional investments of Rs3,674 crore in agri infrastructure, food processng, horticulture and sericulture," state agriculture department secretary Sandeep Dave told reporters in Bangalore.

Union agriculture minister Sharad Pawar, who was to inaugurate the summit, could not do so as he was pre-occupied with the parliament session. Opposition leader in the Lok Sabha, Sushma Swaraj, who had been invited to preside over the inaugural session, too was absent for the same reason.