Welcoming the JK Group on its maiden foray into Punjab with a planned investment of Rs 150 crore, the Chief Minister Capt Amarinder Singh on Wednesday handed over a letter allotting 17 acres of land at a cost of around Rs 40 crore in the Hi-Tech Valley at Ludhiana.
The Group plans to set up a corrugated packaging paper manufacturing unit in the Cycle Valley.
This is the second big group entering Punjab with sizeable investment plans within a fortnight. Recently, Aditya Birla Group had purchased land and finalised two projects with an investment of Rs 1,500 crore in the State.
The Chief Minister assured the JK Group of the State Government’s total support in the venture, and expressed the hope for more investments in the future. He further assured the Group of complete cooperation from the Government in setting up their unit and also during commercial operations of the project.
Punjab, due to its pro-investor industrial policy and lucrative incentives, has now emerged as the most preferred investment destination in the country, the Chief Minister said. ‘Invest Punjab’, as a one-stop shop, has seamlessly facilitated investments worth Rs 91,000 crore in over 2900 project proposals received by the state in the past four years, he said, adding that of these, nearly 50 percent had already started commercial production. He expressed satisfaction over the State successfully attracting and retaining significant investments even during the COVID-19 pandemic.
The Group’s 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 help boost the State’s GST revenue.