DH Exclusive: J&K attracts Rs 670 crore investment at Bengaluru roadshow

The newly formed Union Territory of Jammu and Kashmir on Monday attracted interest from various corporates, including carmaker Toyota and tech major Oracle.

The industries department team from the J&K, which is hosting its first-ever investment summit in May this year, held a roadshow in Bengaluru.

On the sidelines of the event, a team from Toyota Motors led by Vikram Kirloskar, Vice Chairman met KK Sharma, advisor to J&K governor and Rohit Kansal, Principal Secretary, Planning, J&K, the state government sources present at the meeting confirmed to DH. The company, according to the sources in the state government is willing to invest in skill development across the state.

The officials also said to have met the executives from the global tech giant Oracle, which has shown keen interest to invest in J&K, according to the government sources.

During the day, the state government signed 13 Memoranda of Understanding (MoUs) worth Rs 670 crore. In addition, a Rs 175 crore proposal for investment in a technology innovation centre was also received by the state government officials.

Prior to this, just after the abrogation of Article 370, India’s biggest companies, Reliance Industries Limited and Tata Sons had expressed interest in investing in J&K. According to the sources in the know, Reliance, led by Asia’s richest man Mukesh Ambani, is keen on investing in its retail business in J&K.

The state is targeting investment proposals worth Rs 25,000 crore at the first investor summit – an unprecedented amount in the strife-hit region.

The state industry department officials also said that the government is coming up with the industrial policy soon, in a bid to enhance the ease of doing business.

In the past two years, as the state witnessed upheaval, the investment proposals for both years combined stood at paltry Rs 504 crore, according to the data available with the Department for Promotion of Industry and Internal Trade (DPIIT).

“This is a great beginning to the investor summit,” said Kansal.

The state government officials also tried to allay the fears of the industry by guaranteeing no shutdown of the internet going forward.