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UAE-based firms looking to invest in Punjab

Press Trust of India  |  Chandigarh 

Some UAE-based companies are looking to invest in the state, mainly in the food and logistics sector, the Punjab government said on Tuesday.

A spate of new investments by some of the UAE's leading groups is expected to take business ties between Punjab and the Gulf nation to a new high, particularly in Food and Logistics sectors, in the coming weeks, a release said.

As one of the partner countries for Progressive Punjab Investors Summit (PPIS), the UAE is looking at increasing its stake in the state's development and growth by strengthening their existing strategic ties, it said.

Punjab is organising an investors' summit on December 5 and 6.While Lulu Group is in talks to finalise agreements to support long-term procurement of fresh fruits and vegetables from the state, DP World is exploring entry into the logistics sector in Pathankot, the release said.

Another of the UAE's industry leaders, Emaar Group is looking to enter the food sector - sourcing fresh fruits and vegetables from Punjab, besides looking at setting up a poultry unit in the state, said Vini Mahajan, Additional Chief Secretary, Industries and Commerce, Punjab.

The Group, a Dubai-based real estate company, has already come up with their first integrated township in Punjab, and have property spread across 630 acres in Mohali.

AUnited Arab Emirates government delegation led by the UAE Ambassador to India will be taking part in the keynote and panel discussions at the summit, the release said.

They will be accompanied by industry delegation from UAE to explore areas for collaboration, and will include senior level executives from Sharaf Group and Lulu Group.

Lulu Group already has a strong presence in Punjab. They have recently acquired a unitin Derabassi in Mohali district of Punjab for starting a meat processing plant outside of the UAE.

They have also entered into contract manufacturing of biscuits with Ludhiana-based Bectors through their brand Cremica.

Lulu is selling these biscuits through their retail chains in the UAE, Qatar and Saudi Arabia. The partnership has resulted in trade of Rs 8.9 million in the last six months, the release said.

Ludhiana-based Trident Group is also in advanced talks with Lulu Group to sell products (home textiles and towels) through their retail chains across the Middle East, said Vini in the statement.

Hind Terminals, a 100 per cent subsidiary of Dubai-based shipping giant Sharaf Group, is establishing a state-of-the-art multimodal logistics hub in the Ludhiana District. The project is estimated to be worth over Rs 200 crore with the multimodal logistics park spread over 55 acres.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 03 2019. 18:55 IST