Sun Group to invest Rs 550 cr in Mohali

Chandigarh, May 20 (UNI) UK based Sun Group will invest Rs 550 crore in a multi facility project, inculding a hotel, a shopping mall and a plaza, in Mohali.

The outlines of its business plans were discussed at a high level meeting between the representatives of the state government and the Sun Group at the official residence of Punjab Chief Minister Parkash Singh Badal. The Sun delegation was lead by its Chairman Nand Khemka.

Giving details of the meeting, Media Advisor to Chief Minister, Harcharan Bains said the 1.5 billion US dollar Group would bring in investment of Rs 200 crore to develop a hotel, a shopping mall and a plaza in Mohali.

In the meeting the Sun Group unveiled its institutional investments and infrastructure development plan for Punjab, embracing diverse sectors of energy, mining, real estate, technology, infrastructure, hotel ring and beverages.

The company had already made investment of Rs 73.23 crore to revive the unit of Punjab Wireless Systems Ltd, Mohali (PUNWIRE) for production of Defence Electronics and Civil Telecom items through subsidiary Elcom Systems Pvt Ltd.

The meeting was also attended by Doha based Barwa International Group Executive Officer Ghassan Al Binali who put forth a proposal of Foreign Direct Investment (FDI) in real estate in the region .

Mr Binali informed the Chief Minister that the Barwa International was jubilant with the investor friendly and congenial atmosphere in the state and had future plans to investment in major cities like Jalandhar, Amritsar, Ludhiana, Patiala and Bathinda.

Industries Minister Manoranjan Kalia assured the Sun Group and Barwa International that the state government was committed to boost overall growth and development in the state through synergizing its efforts with the worldwide key-players in the field of industry, infrastructure and realty.

Chief Secretary Ramesh Inder Singh hoped that the initiative taken by these groups would be reciprocated as a welcome gesture to strengthen the state's economy.

The Chief Secretary held a meeting of the representatives of Sun Group and Barwa International with the concerned senior officers of the departments for expeditious clearances of these projects as per proposals mooted by them.

UNI PS BK1722