Foreign companies express interest in setting up business units in Punjab

Foreign companies express interest in setting up business units in Punjab

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New Delhi, Aug 8

Various foreign companies from Russia, China and UAE have expressed desire to setting up business units in Punjab. These businesses hail from diverse backgrounds such as defense and metro projects.

A spokesperson of the Punjab Chief Minister’s Office released a statement after a meeting between the representatives and Capt Amarinder Singh.

A Sberbank representative, on behalf of Energo Group Company LLC, met the Chief Minister with a proposal for waste-to-energy projects in the state, offering turnkey solutions for renewable energy projects.

If and when these projects do see the light of the day – they could be a big boost to ‘Make in India’ initiative. The Russian company Energo expressed interest in setting up a waste-to-energy plant in Punjab within the ‘Make in India’ framework. The plant when operational would create energy based on agricultural waste such as animal dung. The company at this time wishes to explore opportunities in Punjab due to the agricultural potential of the state.

Sberbank, a state-owned Russian banking and financial services company also conveyed to the Chief Minister that a Russian helicopter manufacturing company was interested in setting up a facility in India.

The spokesperson on behalf of the government has reciprocated with a positive intent. According to the spokesperson, “The Punjab government is willing to offer the necessary land and suggests the company make a formal presentation to the state government in this regard”. The spokesperson also added that there are several defense manufacturing units interesting in establishing a foothold in Punjab.

Kartik Chopra, Managing Director of the Great Eagle Group, also attended the meeting and told the Chief Minister of Beijing’s interest in launching a metro project in Ludhiana.

Capt Singh said he was willing to explore the possibility after going through the details and asked the delegation to put the company officials in touch with his government.

Mr Chopra also proposed food processing units for exports to the UAE, to which the Chief Minister responded positively, according to the spokesperson.

The Punjab government, led by Capt Singh has opened the doors to foreign investors in a big way with its various investor-friendly initiatives since taking over the reins of the government in March this year.
Various other countries have also shown interest in collaborating with the Punjab government in various areas of business, the spokesperson pointed out.

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