Day 2: Biz bigwigs to invest Rs 7K cr in Punjab

Vijay C Roy

Tribune News Service

Chandigarh, October 27

Notwithstanding the pandemic, industrialists are looking forward to stepping up their capital expenditure and investment plans in the state. On the second and concluding day of the fourth Progressive Punjab Investors’ Summit, 2021, here today, they announced to invest a total of Rs 7,100 crore in the state.

On Tuesday, several businessmen announced Rs 5,150-crore investment, besides opening a five-star resort, in the state. With this, the two-day summit attracted a total of Rs 12,250-crore investment, which is spread across various sectors.

UK-based Meenu Malhotra, Chairman of Malhotra Group, unveiled plans to develop two integrated real estate projects with an investment of Rs 2,500 crore in Ludhiana. “I am pursuing two large real estate projects in Punjab with an investment of Rs 2,500 crore. All money will be deployed through inward investment and FDI,” he said. The development will be the group’s largest to date.

Major plans on the cards

Malhotra Group Rs2,500 cr

I am pursuing two large real estate projects in Punjab. All money will be deployed through inward investment and FDI. —Meenu Malhotra, Chairman

CII member firms Rs2,500 cr

CII is working closely with the state and recently introduced new investor potential worth Rs2,500 crore. Investment worth Rs500 crore will be registered in the state by one of our prominent companies. —Bhavdeep Sardana, Chairman, CII

Nahar Group Rs1,500 cr

We are keen on investing in textiles, ethanol, logistics park, solar energy and industrial park. —Kamal Oswal, Vice-chairman

Vardhman Group Rs600 cr

We will invest Rs400 cr to expand our Malerkotla unit and Rs200 cr to modernise the Ludhiana unit. The modernisation will help produce quality products with increased efficiency. —Suchita Oswal Jain, Vice-chairman

Similarly, Kamal Oswal, Vice-Chairman and MD of the Nahar Group of Companies, said the group was keen on investing Rs 1,500 crore in Punjab across various sectors such as textiles, ethanol, logistics park, solar energy and industrial park. Currently, the group’s 70 per cent investment is in the state.

Suchita Oswal Jain, Vice-Chairman and Joint Managing Director of Ludhiana-based Vardhman Textiles, announced her company’s expansion plans worth Rs 600 crore in the state. “We are in the process of investing Rs 600 crore in Punjab in a phased manner comprising Rs 400 crore for expansion of our Malerkotla unit and Rs 200 crore in modernisation at the Ludhiana unit. The modernisation will help produce quality product with increased efficiency,” she added.

The group has six units in Punjab spread across various sectors such as yarn, textiles, apparel and steel.

Bhavdeep Sardana, Senior Vice-President and CEO of Sukhjit Starch and Chemicals Ltd and also the CII Chairman, Punjab, said: “CII is working closely with the state and recently introduced new investor potential worth Rs 2,500 crore. Very soon, investment worth Rs 500 crore will be registered in the state by one of our prominent companies.”

AS Mittal, Vice-Chairman of Hoshirapur-based International Tractors, announced to set up another tractor factory. Industry captains and analysts say a mix of factors such as accommodative monetary policy and lower interest rates, reduced corporate tax and environment conducive to trade are fueling optimism among companies.