Madhya Pradesh’s ‘resources and prime location’ draw UK interest
Chief minister of Indian state seeks investors in renewable energy, IT and agriculture
Mohan Yadav in conversation with
Mahesh Liloriya
By Mahesh LiloriyaDec 07, 2024
MADHYA PRADESH chief minister Mohan Yadav’s visit to Britain last month provided a boost for the central Indian state, following his meetings seeking investment worth `600 billion (£5.6bn).
Ahead of the Invest Madhya Pradesh Global Investment Summit in February 2025, Yadav’s three-day UK visit at the end of November was aimed at drawing investors to the state.
“Madhya Pradesh is emerging as a prime destination for UK investors,” Yadav said during a keynote address at an Investment Opportunities in Madhya Pradesh event in London last Tuesday (26).
“England and India have a shared legacy, which is democracy – the pride in which we feel equally in both nations. Madhya Pradesh is not just a destination for investment, but a partner in progress, offering limitless opportunities across sectors like agribusiness, renewable energy and logistics,” he said.
Yadav held meetings with Pramod Mittal from Ispat International, Sri Prakash Lohia from Indorama Group and Akash Paul from Caparo.
“This visit is significant on many fronts. Investors have shown great interest in the state’s opportunities and policies. These proposals mark a new chapter in Madhya Pradesh’s journey to sustainable development,” the chief minister said.
India’s high commissioner to the UK, Vikram Doraiswami, in his address at the investment summit, said, “Madhya Pradesh today is among the top five states in the ease of doing business rankings in India. The simplest and obvious advantage it offers is its location, it is connected 360 degrees to every part of India.”
Rajesh Rajora, additional chief secretary to the chief minister, said, “Madhya Pradesh’s strategic location, reliable power supply, rich natural resources, and abundant water availability have positioned it as a preferred destination for investors from around the world.”
Opportunities across information technology, renewable energy, engineering, medical devices, pharmaceuticals, artificial intelligence (AI), food, electronics, skills development and healthcare emerged as the focus areas as roundtable discussions were held with industry leaders and experts.
The UK leg of Yadav’s Europe visit concluded in Coventry last Wednesday (27) with a visit to the University of Warwick for a tour of the Warwick Manufacturing Group (WMG) and its successful tie-ups between academia and business. Yadav met Indian students enrolled at WMG on innovative programmes.
“We aim to conduct research activities and leverage this knowledge not only for industrial advancement but also for societal benefit,” he said.
According to the chief minister, “Over 30,000 students study here, and this institution plays a vital role in bridging the gap between academic research and industrial application. Our visit today aims to bring these global insights back to Madhya Pradesh to empower future generations.”
Investing in education and skills development is a key pillar of our vision for the future, Yadav said.
“To support our IT, healthcare, and semiconductor sectors, we are focusing on building a skilled workforce. We have established skill development centres and partnered with industry leaders to provide training tailored to these sectors.”
“Additionally, we are working to make our educational institutions more aligned with industry standards.”
Yadav visits the University of Warwick
The chief minister said, “By creating a strong pipeline of skilled professionals, we aim to meet the evolving demands of industries while providing our youth with opportunities to thrive in these highgrowth sectors.”
Yadav explained how the state has emerged as one of India’s most promising for investment.
“We have witnessed remarkable progress renewable energy, agribusiness, infrastructure and IT, making the state a hub of opportunities. With Asia’s largest solar park in our state, we are positioning ourselves as a leader in renewable energy. The agricultural sector has tripled its production in the last decade, showcasing the state’s capacity to meet global food demands,” Yadav said.
“Our business-friendly policies and world-class infrastructure are attracting global investors, and the feedback from the UK has been overwhelmingly positive,” he added.
“Sustainability is at the core of our growth strategy. We are fully committed to developing Madhya Pradesh as a model of sustainable development, particularly through the promotion of clean energy solutions.”
While in London, the chief minister also visited the BAPS Shri Swaminarayan Mandir in north London, where he offered prayers and sought blessings.
He said, “Our religion is beautifully diverse, with countless branches of Sanatana Dharma flourishing across the globe. Through these sacred branches, we honour our 33 crore deities in their various forms, each providing us with invaluable guidance for leading a peaceful and non-violent life.”
The chief minister, who spoke of his commitment to preserving and promoting Madhya Pradesh’s rich cultural heritage, also praised the BAPS organisation for its various spiritual- and community led initiatives.
INDIA's Aurobindo Pharma on Wednesday (20) dismissed media reports suggesting it had finalised a deal to acquire Czech drugmaker Zentiva, calling the claims “premature” and added that no binding agreement has been signed.
The clarification came after The Economic Times reported that Aurobindo was the frontrunner to acquire Zentiva from US-based private equity firm Advent International in a deal valued between $5 billion and $5.5bn (around £3.95bn to £4.35bn). If confirmed, this would be the largest-ever overseas acquisition by an Indian pharmaceutical company.
However, Aurobindo issued a statement to stock exchanges denying that any agreement had been finalised.
“As part of our business strategy, the company regularly explores various strategic opportunities, including potential acquisitions and partnerships, which can enhance shareholder value,” Aurobindo Pharma said in a regulatory filing on Wednesday.
“But at present, no binding agreement or definitive decision has been made by the Board of Directors of the company in relation to the transaction referred to in the said article(s). Accordingly, the said news item is premature and should not be relied upon,” the company added.
Aurobindo also assured investors that it would make timely disclosures if any definitive development arises that requires notification under India's regulator, SEBI.
The company's shares fell as much as 4.7 per cent during early trading on Wednesday after the report was published, but recovered slightly following the clarification. The stock closed 3.9 per cent lower on the NSE. So far in 2025, Aurobindo Pharma’s stock has dropped around 21 per cent, compared to a two per cent rise in the benchmark Nifty 50 index.
Advent International and Zentiva have not commented on the report.
Zentiva, based in Prague, is a well-known producer of generic medicines across Europe. If Aurobindo were to go ahead with the acquisition, it would mark a major step in expanding its presence in the European market and diversifying its portfolio beyond the US.
The reported deal would surpass other significant transactions in the Indian pharma sector, including Sun Pharma’s acquisition of Ranbaxy and Biocon Biologics’ buyout of Viatris’ biosimilar business.
Aurobindo is already active in international expansion. In July, its wholly owned US subsidiary signed a deal to acquire Lannett Company LLC, a generics manufacturer, for about $276 million (£218m). That deal is aimed at strengthening its manufacturing base and product offerings in the US.
The US remains a crucial market for Aurobindo, contributing nearly half of its annual revenue. Industry analysts say Indian pharma firms are increasingly pursuing global acquisitions to mitigate risks from potential US trade policies. US president Donald Trump had recently suggested steep tariffs on imported medicines.
“We’ll be putting initially a small tariff on pharmaceuticals, but in one year – one and a half years, maximum – it’s going to go to 150 per cent and then it’s going to go to 250 per cent because we want pharmaceuticals made in our country," Trump said in an interview.
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Britain’s food retailers have said that higher employer taxes and regulatory costs as well as increased staff wages are adding to inflationary pressure
British grocery inflation nudged down to stand at five per cent over the four weeks to 10 August, data from market researcher Worldpanel by Numerator showed on Tuesday (19), providing a little relief for consumers.
The figure, the most up-to-date snapshot of UK food inflation, compared with 5.2 per cent in last month’s report.
“We’ve seen a marginal drop in grocery price inflation this month, but we’re still well past the point at which price rises really start to bite and consumers are continuing to adapt their behaviour to make ends meet,” Fraser McKevitt, head of retail and consumer insight at Worldpanel, said.
The researcher said prices were rising fastest in markets such as chocolate, fresh meat and coffee and falling fastest in champagne and sparkling wine, dog food and sugar confectionery.
Britain’s food retailers have said that higher employer taxes and regulatory costs as well as increased staff wages are adding to inflationary pressure from higher prices for commodities.
Trade body the British Retail Consortium, which represents Britain’s biggest retailers, predicts that food inflation will hit 6 per cent by the end of the year, putting more pressure on household budgets in the run-up to Christmas.
The Bank of England has forecast it will hit 5.5 per cent before Christmas and then fall back as global wholesale factors fade.
Official UK inflation data for July will be published on Wednesday. (Reuters)
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In his Independence Day address, Modi said the goods and services tax (GST) would be reformed and rates lowered by Diwali, which falls in October. (Photo: Getty Images)
INDIA’s government will reduce consumption tax rates by October, a top official said on Friday, hours after prime minister Narendra Modi announced reforms to support the economy amid trade tensions with the United States.
The federal government is planning a two-rate structure of 5 per cent and 18 per cent, removing the existing 12 per cent and 28 per cent slabs, the official told Reuters, requesting anonymity as the plans are still under discussion.
According to the official, 99 per cent of items currently taxed at 12 per cent, including butter, fruit juices, and dry fruits, will be shifted to 5 per cent. The move could affect companies such as Nestle, Hindustan Unilever, and Procter & Gamble.
The announcement follows rising trade tensions between New Delhi and Washington over US tariffs on Indian goods. Modi on Friday urged people to promote domestic products, with some of his supporters calling for a boycott of American goods.
In his Independence Day address, Modi said the goods and services tax (GST) would be reformed and rates lowered by Diwali, which falls in October.
"This Diwali, I am going to make it a double Diwali for you. Over the past eight years, we have undertaken a major reform in goods and services tax. We are bringing next-generation GST reforms that will reduce the tax burden across the country," Modi said.
The final decision will be taken by the GST Council, chaired by the finance minister and comprising state finance ministers, the official said. The council is expected to meet by October.
Brokerage Citi estimates that about 20 per cent of items, including packaged food, beverages, apparel and hotel accommodation, are in the 12 per cent slab. These account for 5-10 per cent of consumption and 5-6 per cent of GST revenue.
If most of these are moved to the 5 per cent slab and some to 18 per cent, the government could see a revenue loss of about 500 billion rupees, or 0.15 per cent of GDP, Citi said. This could take the total policy stimulus for households in the 2025-26 financial year to 0.6-0.7 per cent of GDP, it added.
(With inputs from agencies)
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CEO of Morrisons Rami Baitiéh (centre) takes on the Heera Foods Gol Gappay challenge
Morrisons chief executive Rami Baitiéh took part in a lively “Gol Gappay Challenge” at the supermarket’s Bradford headquarters on Tuesday, as part of celebrations for South Asian Heritage Month.
The event, hosted in the company’s central atrium, was led by Bradford-based Heera Foods, which served up its popular Gol Gappay – crispy puris filled with spiced chickpeas and tangy water – to staff and visitors.
The highlight was a 60-second eating contest where colleagues competed to finish as many Gol Gappay as possible before the clock ran down. To cheers from the crowd, Baitiéh joined in and managed four in a minute.
“It was fantastic to see the CEO of one of the UK’s biggest supermarkets join in with such enthusiasm,” said Noor Ali, senior commercial manager at Heera Foods. “Gol Gappay, also known as pani puri, are all about fun, flavour and bringing people together, and Rami certainly embraced that spirit.”
The open day formed part of Morrisons’ program of events showcasing South Asian food and culture. For Heera Foods, one of Bradford’s longest-standing South Asian brands, it was an opportunity to highlight a snack loved across the subcontinent.
Heera Foods, part of P&B Foods Ltd, has been based in Bradford since the 1960s and produces a wide range of South Asian staples and ready-to-eat products from its UK facility.