Gobal recession was responsible: Ambani

Bhopal, Mar 04: Anil Dhirubhai Ambani Group (ADAG) Chairman Anil Ambani said here on Tuesday that the 'gobal recession' was responsible for the decline in share market in most of the countries of the world, including India. While talking to media persons at Chief Minister Shivraj Singh Chouhan's residence, Ambani said that other counteries of the world were also affected by the plummetting stock market.

However, he parried a question regarding the general budget. Ambani said that his group was working on myriad projects to the tune of Rs 50,000 crore. It included the establishment of Rs 20,000 crore worth power project of 400 MW capacity at Sidhi district's Sasan area besides a cement factory at Satna and a Dhirubhai Ambani Institute of Information and Communication Technology (DAIICT) to be set up in state capital.

“A discussion was made with the Chief Minister regarding the review of investments' progress made by my company in the state,” he said. State government has handed over Ambani documents regarding the allotment of 125 acres land in Bhopal to set up DAIICT and 1,306 hectares land in Satna district to set up a cement factory. “All the acknowledgements regarding the Sasan project are expected to be receive in 90 days. After that four to five years will be taken for its completion,” Ambani added.

Earlier, Ambani called on Madhya Pradesh Chief Minister Shivraj Singh Chouhan. Industry Minister Jayant Malaiya, Public Relations and Mineral Resources Minister Lakshmikant Sharma and officers of state government and ADAG were also present in the meeting at Chief Minister's residence. Discussions were made on the progress of the proposed Dhirubhai Ambani Institute of Information and Communication Technology (DAIIC) in the state, Sasan power project, projects regarding cement production and use of ashes for the formation of cement. After the meeting, Chouhan handed over the documents to Ambani regarding the allotment of 125 acres land to set up DAIIC at state capital's Acharpura area while 1,306 hectares land was alloted to establish cement factory in Satna district. “On the roads of implementation, the Memoranda of Understanding inked with the major industrialists are in constant progress,” said the Chief Minister.