Foreign firms evince interest to set up business units in Punjab

The Dollar Business Bureau

Companies from various countries including China, Russia and the UAE, have shown interest for establishing businesses in Punjab, a spokesman of the state government said, after meeting various company officials.

The foreign companies have evinced interest in diverse fields such as metro railway and defence, the spokesman said.

A representative from Russian banking and financial services company Sberbank, on behalf of Russian firm Energo Group Company LLC, met Chief Minister of Punjab Amarinder Singh, with a proposal on projects in waste-to-energy in Punjab, providing turnkey solutions in the field of renewable energy, a statement said.

Vigen Sogomonyan, Head - Corporate Banking at Sberbank India branch, said that Energo Group had conducted extensive research in the state and seeing its potential in agriculture, the company would be interested in exploring opportunities to set up a waste-to-energy technological plant within the framework of ‘Make in India’.

According to the company, the plant would generate energy from raw materials like agriculture waste, animal dung, etc.

Sberbank also conveyed to the Punjab Chief Minister that a Russian company producing helicopters showed keen interest toestablish a unit in India.

Amarinder Singh said that his government was ready to provide the necessary land and proposed that the company would make a formal presentation regarding the same to the state government in this regard, the spokesperson said.

Various other firms have also shown interest in setting up defence manufacturing facilities in Punjab, said Sogomonyan.

Hong Kong based Great Eagle Group Managing Director Kartik Chopra told the Chief Minister about China’s interest in starting a metro railway project in Ludhiana.

Chopra also put forth a proposal for setting up food processing units in Punjab for exports to the UAE and the Chief Minister gave a positive response to that, said the spokesperson.