'Global recession' dips share market: Anil Ambani

Bhopal, Mar 4: Anil Dhirubhai Ambani Group (ADAG) Chairman Anil Ambani said here today that the 'gobal recession' was responsible for the decline in share market in most of the countries of the world, including India.

In a discussion with reporters at Madhya Pradesh Chief Minister Shivraj Singh Chouhan's residence, Mr Ambani said that other countries of the world were also affected by the plummetting stock market. However, he parried a question regarding the general budget. Mr 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 Mr 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,'' Mr Ambani added.

UNI