Madhya Pradesh signed initial agreements with investors promising to pour in a record Rs 30.77 lakh crore in sectors like clean energy as the state pivots path from a laggard to an investment hotspot.

Indian state power company NTPC will invest more than 2 trillion rupees ($23.07 billion) on renewable energy projects in the central state of Madhya Pradesh, the company said on Monday.

Avaada Group has signed an MoU with the government of Madhya Pradesh, India for a Rs500bn investment in renewable energy capacity.

Madhya Pradesh has secured a record Rs 30.77 lakh crore investment across sectors like clean energy, creating 21.4 lakh jobs. The state aims to become an investment hotspot, with Adani, Reliance, and NTPC among major investors.

A deal was signed to set up a solar project. Solar Energy Corporation of India Limited (SECI) has committed a phase-wise capital expenditure of INR 2,500 crore to expand Madhya Pradesh’s renewable energy capacity.