Riding on robust economic growth, investment announcements by India Inc surged to Rs 1,75,629 crore (Rs 1,756.29 billion) in the last two months with bulk of plans lined up for petroleum and metals sector, an Assocham study has said.
Of the total investment announcements, tracked by an Assocham Eco Pulse study during August and September this year, the petroleum sector attracted Rs 53,300 crore (Rs 533 billion) with Indian Oil Corporation and the Reliance Group planning to pump in Rs 43,500 crore (Rs 435 billion) and Rs 8,000 crore (Rs 80 billion) respectively.
Orissa and West Bengal received proposals for the maximum funds for industrial activities. Orissa attracted proposals for Rs 55,800 crore (Rs 558 billion), mainly in steel and oil refining sector.
"The total investment intentions tracked in the study are encouraging signs of pick up in the industrial activity," Assocham President Venugopal Dhoot said.
The AEP tracked investment announcements made by 70 companies in the corporate sector. The gestation period of the plans ranged between two to ten years across different sectors like petroleum, steel, hospitality, real estate.
With major public private partnership projects in the pipeline, West Bengal is ranked second with investments of Rs 31,200 crore (Rs 312 billion). Major investors include Jai Balaji Industries, a Kolkata-based steel company that announced capital expenditure of Rs 16,000 crore (Rs 160 billion), followed by IOC (Rs 14,500 crore or Rs 145 billion) and DLF (Rs 700 crore or Rs 7 billion).
Mumbai remained the most favoured location by services-based companies, which announced Rs 8,500 crore (Rs 85 billion) capex plans in areas of hospitality, entertainment and IT. Pune attracted Rs 1,334 crore (Rs 13.34 billion) investments. With these two cities accounting for maximum of the capex plan, Maharashtra was ranked third on investment radar with Rs 9,834 crore (Rs 98.34 billion).
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