Chandigarh, July 18 (PTI): Nine Tata group companies have evinced interest in investing in infrastructure development in Punjab, including industrial, urban and power projects, according to a statement from the state government. Representatives of Tata group companies met officials of the state government, led by Deputy Chief Minister Sukhbir Singh Badal, to discuss projects.
This is the first time that Tata group companies have collectively visited a state to discuss investment opportunities, Ravi Kant, vice chairman of Tata Motors, was quoted as saying in the statement. Inviting the Tata group to become a partner in the state's progress, Badal said Punjab has come out with an industrial policy that offers incentives to investors based on their efficiency and productivity.
Companies will be allowed to retain up to 80 per cent of value-added tax and central sales tax collected by them instead of seeking reimbursements from the government. Badal said the state has planned holistic development of 147 cities, which offers investment opportunities for the Tata group.
The city development projects include water supply, sewerage connectivity, power distribution, road development, solid waste management and street lighting. He also invited the Tata group to invest in power transmission and power audit sector.
The Tata group showed interest in setting up budget hotels in various cities in Punjab, besides entering the group housing sector, according to the statement. Apart from Ravi Kant, the Tata delegation included Anil Sardana, managing director at Tata Power, Ashish Mathur, MD JUSCO, Madhu Kannan, Head (Business Development) at Tata Sons, Tanmoy Chakraborty, Head (Business Development) at TCS, and Govinder Singh, CFO of Tata Housing.