Post abrogation of Article 370, J&Kreceives investment proposals worth Rs 13700 crore

By Ishfaq  Published on  21 Nov 2019 11:28 AM GMT
Post abrogation of Article 370, J&Kreceives investment proposals worth Rs 13700 crore

Srinagar: Post abrogation of Article 370, Jammu and Kashmir is on the high as 43 reputed companies from the country and abroad haveshown interest to invest in the new Union Territory.

Jammu and Kashmir government has so far received proposals from over 60 companies of which 43 have given 'Expression of Interest’ for investing Rs 13700 crore in different sectors including manufacturing, Information Technology, Tourism and Education.

“We have received Expression of Interest (EOI) from 43 companies. We have selected 10 sectors including IT, Infrastructure, Renewable Energy, Manufacturing, Hospitality, Skill Development, Tourism,Healthcare Education and food processing, for investment. We have received EOI worth Rs 13700 crore so far”, said Ravinder Kumar, Managing Director, SIDCO.

Prominent among the companies which have shown interest to invest in Jammu and Kashmir include Escott Infrastructure, Dalmia Cements, Shree Cements, Jackson Group, Indian School of Business, Singapore Electric Vehicles and Dubai-based Lulu Internationals.

With an annual turnover of Rs70, 000 crores, Dalmia Bharat Group is a renowned business house in India, which deals with cement, sugar, thermal power and other businesses.

Similarly, Kolkatta -based Shree Cement, which has annual turnover of Rs 58.50 billion, has shown interest in setting up its unit in Jammu and Kashmir.Singapore based Singapore Electric Vehicles Pvt Ltd, a commercial electric fleet company, has desired to invest in the manufacturing sector.

Founded in 2001, Indian School of Business, a private business college, has expressed readiness to invest in the education sector by setting up its campuses in the union territory.

Sources said Helmet manufacturing giant 'Steelbird’ has also “offered” to set up a plant in Jammu and Kashmir. Hospitality player 'Lemon Tree’ has also proposed two new properties with 35-40 beds each in Gulmarg and Sonmarg areas.

Kumar said these companies will also be part of the Investment Summit to be held in Jammu and Kashmir very soon. “To start with, these companies plan to visit Jammu and Kashmir. We are going to facilitate their visit and help in all possible ways”, he said.

Managing Director, SIDCO also noted that the companies investing in Jammu and Kashmir will be provided all facilities to set up units. “We will be facilitating them in every manner. Currently their proposals are in discussion stage. Once they come with Detailed Project Report and tell us their requirements, we will start working on that”, he said.

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