"Entrepreneurs attending the meet have shown keen interest to invest about Rs.400 billion in power, textile, IT, BPO, knowledge process outsourcing and construction sectors in the state," said an official.

He said the government was expecting to sign MoUs with 18 investors including 11 in the field of energy, two in IT and knowledge process outsourcing, two in the food processing and one in the textile sector and one for a pilot training institute.

Said Principal Secretary (Industries) O.P. Rawat: "At least 19 MoUs for investment of about Rs.400 billion are expected to be signed with investors during the meet which would conclude Wednesday."

The two MoUs signed immediately after the meet was formally inaugurated by Chief Minister Shivraj Singh Chouhan included one worth Rs.1 billion with the Oberoi group for development of Rajgarh Palace near Khajuraho into a world class resort and one entailing an expenditure of Rs.300 million for cultivation of jatropha by Cosmo Biofuel.

Five MoUs involved an investment of Rs.146.50 billion to set up thermal power plants that would help generate 3,600 MW power.

Abhishek Industry of Punjab signed an MOU for setting up a textile unit at Sehore involving an investment of Rs.9.63 billion and Delhi-based LFT Overseas Limited signed an MoU for setting up a factory at Mandideep at a cost of Rs.600 million.

Inaugurating the meet, the chief minister assured the investors that "red tapism" would not be allowed to come in the way of the entrepreneurs, adding that the single-table concept incorporated in the state's industrial policy, instead of single-window, would prove instrumental in finally setting up of industries hassle-free.

"No red tape henceforth. It would rather be red-carpet welcoming any investor," said Chouhan.

"Instead of just providing land to investors, we have decided to create sector-wise hubs at different places across the state and we would allot land in the hub according to the requirement of the investor".

Chouhan said the state's rich natural resources, logistically appropriate location in the centre of the country and peaceful atmosphere besides the government's commitment to provide round-the-clock quality power will give an added advantage to the investor.

To further assure the investors, he said the government had set up an NRI (non-resident Indians) facilitation centre and he would be open to meeting NRI investors personally.

"The government wants to attract more investors in order to create more employment opportunities as the state had made adequate infrastructure in industrial, power and transport sectors."

With about 125 investors turning up at this tourist spot, famous for 10th-12th century Hindu temples with erotic sculptures, he claimed that the investors had responded positively to his invitation extended at the Pravasi Bharatiya Divas -the annual meet of the Indian diaspora - in New Delhi last week.

NRIs from the US, Canada, Australia, the Gulf region and Japan are participating in the meet. Representatives of leading Indian business houses including Reliance are also attending the meet.

Chouhan hoped that the meet would provide an interactive platform to industry to have focused and direct discussions with the Madhya Pradesh government.

The state government was in touch with prospective investors at the national and international level for the past few months and a road show was organised in New Delhi Aug 4, 2006 in this context.