Around 400 companies including 50 from Jammu and Kashmir have responded to the union territory's new industrial policy. Among the firms that have expressed interest are JSW Steel, Varun Beverages Limited, HP Kapital, Atmiya Fieldcon and Rashmi Group.
According to sources in the department of Industries and Commerce, JSW Steel has been allowed 50 kanals (6.25 acres) of land at Lassipore in Srinagar for setting up a steel plant. “The group will be investing Rs 150 crores,’’ sources said. On October 9, during the three-day visit of Home Minister Amit Shah to the UT, the group's representatives were given the papers allocating land for the steel plant.
Sources said Varun Beverages Limited have also been issued land allotment papers for setting up a business unit in Kathua in Jammu. The company produces bottles and distributes beverages and is PepsiCo's second-largest franchisee outside of the United States.
According to sources, HP Kapital submitted a proposal for setting up a health care centre with an investment of Rs 2,000 crore, while Atmiya Fieldcon Pvt's proposal for building a hospital worth Rs 650. RK Associate Hoteliers have shown interest in investing in the hospitality sector by building hotels with an investment of Rs 500. Rashmi Group has also submitted an investment proposal of Rs 600 crore, while JK Joi has also signed an MoU with an investment of Rs 500 crore in the education and industry sector.
Other companies that have signed MoUs with the J&K government are Reliance Ammunition Ltd, Jackson Group, Indo American Synergy, HCH Pvt Ltd, Mulberry Resorts Dalmia Cement (Bharat) Ltd, Krishna Hydro Projects Pvt Ltd, Universal Success Enterprises, Singapore, Indian School of Business, Bestech India Private Limited, LM Energy and Software Pvt Ltd, Intellizone Publishers Pvt Ltd, Servotel and Shree Cement Ltd.
Among the local companies, FIL Industries Limited, a local business group, has submitted a Rs 500 crore investment proposal to the government. FIL Industries Limited has a presence in agriculture, food and beverages, tourism, hospitality and mountain infrastructure development in Kashmir.
The J-K government has identified 14 sectors to invite companies across the world for investment in the UT.
Some of the sectors that the J&K government is seeking investment in include tourism, agro and food processing, manufacturing, IIT and IT, health and pharmaceuticals, skill development, milk, poultry and wool, infrastructure and real estate, herbal and medicine plant, film sector, renewable energy, agriculture and mulberry, handloom, handicrafts and horticulture.
In February, the Centre approved a new Industrial Developmental Scheme for J&K to attract investment worth Rs 28,400 crore. The government has offered a range of subsidies to those interested in investing in Kashmir.
Investment in plant and machinery up to Rs 50 crore will get a capital incentive up to Rs 7.5 crore and a capital interest subsidy at the rate of six per cent for a maximum of seven years.
