DW BUREAU / Chandigarh Welcoming the JK Group for its maiden foray into the State with a planned investment of Rs.150 crore for a corrugated packaging paper manufacturing unit, Punjab Chief Minister Captain Amarinder Singh on Wednesday handed over the land allotment letter for 17 acres of land at a cost of around Rs. 40 crore in the Hi-Tech Valley at Ludhiana. Speaking on the occasion, the Chief Minister said that Punjab due to its pro-investor industrial policy and lucrative incentives has now emerged as the most preferred investment destination in the country as 'Invest Punjab' being a one-stop shop has seamlessly facilitated in garnering massive investments worth Rs.91,000 crore in over 2900 project proposals received during last four years. Out of these, nearly 50% have already started commercial production, and the State has managed to attract and retain such significant investments even during the Covid-19 pandemic. Reiterating his government's commitment, the Chief Minister assured the JK Group of fulsome support and cooperation and expected huge investments from it in future. He also pointed out that these investments are a reflection of the industry's trust in the State's industrial ecosystem shaped through various transformative initiatives, including multiple policies, processes and business reforms undertaken by the Punjab Government in recent past. Taking part in the deliberation, CEO Invest Punjab, Rajat Aggarwal, elaborated on the State's investment promotion agency 'INVEST PUNJAB', which has been recently rated as the 'Top Performing Agency' by the Government of India. He also mentioned that the Hi-Tech valley at Ludhiana provides a high quality 'Plug and Play' infrastructure to potential investors and, therefore, has attracted investments from prominent industry players such as Hero Cycles, Aditya Birla Group, and JK Paper Ltd. Hero Cycles Limited has already set up their anchor unit in Hi-Tech Valley with a production capacity of 4 million bicycles per year especially e-bikes and premium bikes. JK Paper Limited is also looking forward to start construction of its proposed plant at the earliest and commence commercial production within one year, added Aggarwal. Expressing gratitude to the Chief Minister, Vice-Chairman & Managing Director of JK Paper Ltd. Harsh Pati Singhania lauded Punjab's industrial ecosystem, forward-looking industrial policies and conducive business environment, which was instrumental in their decision to invest in the State. Going further, the Chief Minister assured the group of complete support from the Government of Punjab in setting up their unit and during commercial operations of the project. Meanwhile Chaitanya Hari Singhania, the son of Harsh Pati Singhania, who is heading Dairy and Foods Business of JK Organisation, also accompanied the delegation for the meeting. Looking at the prospects for the welfare of the farming community in the State, the Chief Minister invited Chaitanya to explore investment opportunities in Dairy and Foods Sector in the State. Notably, the unit will initially procure raw material, which is waste paper, from different parts of the country and supply finished goods, which is corrugated packaging paper, to industries in Punjab and other neighbouring states. It will also provide a fillip to the waste paper industry ecosystem in the State, helping Punjab achieve its sustainability goals. The presence of this unit in the State will help the local industries in sourcing their packaging material from within the State which will enhance their cost competitiveness. Further, the majority of the production will be consumed in the State, which will subsequently boost the State's GST revenue. This is the second big group entering Punjab with sizeable investment plans within a fortnight. Recently, Aditya Birla Group had purchased land and finalised their two projects with an investment of Rs. 1500 crore in Punjab. The event was attended by senior officers including Chief Secretary Vini Mahajan, Principal Secretary to CM Mr. Tejveer Singh, Principal Secretary Investment Promotion Hussan Lal, Advisor Investment Promotion Maj. BS Kohli and Managing Director Punjab Small Industries & Export Corporation Neelima among others. (editor@dailyworld.in)