Bihar Business Connect 2024: NTPC plans to set up nuclear project, IOC to invest over ₹21,000 cr

The Bihar Business Connect 2024 summit witnessed a slew of major announcements from government officials and corporate leaders on Thursday, including the plan to establish a maiden nuclear power project in the state.

NTPC Chairman and Managing Director (CMD) Gurdeep Singh announced that the power company has sought a land parcel from the Bihar government and will conduct feasibility studies before proceeding.

"Looking at the future of the energy sector, nuclear (energy) is expected to become extremely important for the energy sector, 20-30 years down the line. I want to share that NTPC is now entering the nuclear energy space," Singh said at the summit.

He also revealed NTPC's interest in the area of rooftop solar, ground-mounted solar, floating solar, pumped storage and battery energy storage projects in the state.

"We look forward to having a majority share of our 60,000 MW of renewable energy capacity by the year 2032 in Bihar," Singh added.

In the oil sector, the Indian Oil Corporation (IOC) pledged an investment of over ₹21,000 crore to expand its Barauni refinery and establish a city gas distribution network in 27 districts. IOC's Executive Director Suman Kumar outlined plans to increase the refinery's capacity to 9 million tonnes annually by 2025 and develop a petrochemical unit producing polypropylene for the plastics industry.

"IOC is the oldest investor in Bihar, setting up the Barauni refinery in 1964. The initial capacity was 3 million tonnes per annum which was later expanded to 6 million tonnes. Now we are expanding the capacity from 6 million tonnes to 9 million tonnes per annum. Alongside, a 200,000 tonnes polypropylene is also being set up," he said.

The Bihar government showcased its approach to industrialisation, announcing five new sector-specific policies, including incentives for food processing, pharmaceuticals, plastics, biofuels, and wood-based industries.

"Bihar is writing a new story — from the land of history to the land of industry," said Industries Secretary Bandana Preyashi.

The state has created a land bank of over 3,000 acres and will acquire more land across all districts to facilitate industrial development.

"We are now in the process of acquiring land in every district of Bihar. The government has already given cabinet approval for it," she said.

"The Department of Industries in association with several other concerned wings of the state government is providing an enabling eco-system for the overall industrial development of Bihar through appropriate policy interventions," he added.

Energy Secretary Pankaj Kumar Pal said Bihar will soon come out with a policy for the renewable energy sector, urging investors to invest in the state that offers immense business opportunities.

The summit builds on the success of its first edition, which attracted investment proposals worth ₹50,500 crore last year, officials said.