German retail enterprise to invest Rs 900 crore in Punjab

Chandigarh, Sep 4 (UNI) German retail enterprise, METRO Cash and Carry is likely to pump in Rs 900 crore to start its chain of distribution-cum-retail centres in Punjab.

The German company is likely to start its operation with units at Jalandhar, Ludhiana and Amritsar in the first phase.

This is a part of Punjab Government's programme to give a push to modern practices and technology in the development of the state with a focus on farmers, agriculture development and employment generation.

The representatives of the company had a detailed meeting with Chief Minister Parkash Singh Badal here today at his residence.

While making a presentation, Director (Development&Expansion) of the company, Mr Erik Schmit said that the operations of the company would revolutionise the prospects of agriculture-economy in the state, which would improve the condition of beleaguered Punjabi farmers who are at cross roads due to the diminishing returns.

This venture would result in creation of 2700 jobs for local youth besides imparting training in modern management practices.

Besides sourcing vegetables, fruits and other fresh items directly from local farmers the company was committed to supplement the income of the farmers, Mr Schmit said.

In the meeting Chief Executive Officer of the company, Mr Martin said the company will setup three more distribution centers at Mohali, Patiala and Bathinda in the second phase.

The Chief Minister assured the delegation of full support and cooperation. He directed Chief Secretary R I Singh to find ways and means to finalise the requisite formalities through single window clearance facility to ensure smooth coordination between the company and the government.

He asked the Chief Secretary to complete the entire process within a month after coordinating with the administrative secretaries of the concerned departments. The Chief Minister appreciated the company's initiative for setting up distribution centres that would provide over 18,000 items, both food and non-food.

He said special incentives could not be given to the company as sought by the management and the entire case of the relevant clearances and change of land use would be dealt with according to the laid down principles of the existing policy on mega projects.

UNI