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 Article 370.  

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 source said.

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 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.

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 3000 crore.

“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.