Post abrogation of Art 370: Multinationals, manufacturing giants make beeline to set up units in UT
Srinagar, Nov 20: Dalmia Bharat Group, Singapore Electric
vehicles and Dubai-based Lulu Internationals are among over 40 companies, which
have shown interest in investing in Jammu and Kashmir post abrogation of
Jammu and Kashmir, which was a no-go- zone for outside
investors, has been opened for all national and international business players
after the scrapping of special status on August 5.
A source told The Kashmir Monitor that more than 40
companies have submitted their ‘Expression of Interest’ to invest in 10 different
sectors in Jammu and Kashmir.
Hospitality, Tourism, Education, Information Technology,
Horticulture, Agriculture, Micro Small Medium Enterprises (MSME) and
manufacturing are some of the sectors which companies have zeroed in on.
“Prominent among these companies include Escott
Infrastructure, Dalmia Bharat Group, Shree Cements, Jackson Group, Indian
School of Business, Singapore Electric Vehicles and Lulu Group. They have
submitted the proposals for setting up their units in Jammu and Kashmir,” the
With an annual turnover of Rs 70, 000 crore, Dalmia Bharat
Group is a renowned business house in India, which deals with cement, sugar,
thermal power and other businesses.
Similarly, Kolkata-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
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.
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.
An official privy to the development said government has
received 60 ‘Expression of Interests’ so far, which is worth approximately Rs
“Some companies have submitted their Expression of Interests
twice. Some wants to build tourism infrastructure and others want to set up
industries,” he said.
Managing Director SIDCO, Ravinder Kumar told The Kashmir
Monitor that a committee has been constituted to review the ‘Expression of
Interest’ by these companies. “We are going to review the Expression of
Interests in 10 to 12 days,” he said.