FIL industries, affiliated to Bukhari, to invest Rs 500 cr under new industrial policy

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Jammu and Kashmir Apni Party (JKAP) president Altaf Bukhari’s FIL industries is among the 50 local companies that have submitted a proposal to set up a business unit under the new Industrial policy. in the valley.

According to official documents, around 400 companies that have approached the government to start their business ventures in the Valley, 50 companies are locals while the rest of them belong to outside Jammu and Kashmir (J-K).

Some of the companies that have shown interest to set up their units include HP Kapital, which has submitted a project proposal for setting up a health care centre in J-K with an investment of Rs 2000 crore.

Similarly, Atmiya Fieldcon Pvt has submitted a proposal of Rs 650 crore for setting up a hospital in Jammu and Kashmir.

In the Hospitality sector, RK Associate Hoteliers have submitted a Rs 500 crore investment proposal in setting up the hotels in the region.

In Industries, Rashmi Group has submitted a proposal of Rs 600 crore investments. JK Joi has also signed a MoU with an investment of Rs 500 crore in the education and industry sector.

Among locals, the highest investment proposal to set up a business unit has come from FIL industries Limited.

Bukhari’s FIL Industries, have submitted a Rs 500 crore investment proposal to the government.

Talking with The Kashmir Walla, JKAP president said that he is no longer associated with the FIL industries and stepped down its managing director in 2014.

“I am not even a board member now. I quit the company before I joined politics. It is Junaid Altaf who is heading the company now,” Bukhari said.

FIL Industries Limited is a diversified business organisation with interests in agriculture, food & beverages, tourism, hospitality and mountain infrastructure development.

Managing director of the FIL, Syed Junaid Altaf, told The Kashmir Walla that they are investing in multiple sectors to help J-K’s economy to improve. “FIL is a diverse business unit. So, we are investing in agriculture, food processing and in ropeways,” Junaid said.

“So, it (the investment) will likely be on the pattern of Rs 150 crore in one sector, Rs 250 crore in another sector and so on,” he said.

Among the other companies that have signed an MoU with the government include Reliance Ammunition Ltd, Jackson Group, Indo American Synergy, HCH Pvt Ltd, Mulberry Resorts Dalmia Cement (Bharat) Ltd, Krishna Hydro Projects Pvt Ltd, Universal Success Enterprises, Singapore, Indian School of Business, Bestech India Private Limited, LM Energy and Software Pvt Ltd, Intellizone Publishers Pvt Ltd, Servotel and Shree Cement Ltd.

On 15 August 2021, Lieutenant Governor Manoj Sinha said that keeping in view the enthusiasm of investors post introduction of new Industrial policy, Jammu and Kashmir would witness around Rs 50,000 crore in next two years.

“So far, proposals worth Rs 23,500 crores have been received. Investment proposals of Rs 35,000 crore by December 2021 and Rs 50,000 crore by March 2022 are expected to follow, which shall provide employment opportunities to at least 10 lakh young boys and girls,” Sinha said in his Independence Day speech at Sher-e-Kashmir Cricket Stadium.

The list of sectors that the investors have shown interest in setting up their units in the Valley include health, Infrastructure, IT & Technology, Tourism , Renewable Energy, Defense, Manufacturing, Hospitality and Skills Education.

The J-K government has identified 14 sectors to invite companies across the world for investment in J-K.

The sectors that the government has identified include tourism, agro and food processing, manufacturing, IIT and IT, health and pharmaceuticals, skill development, milk, poultry and wool, infrastructure and real estate, herbal and medicine plant, film sector, renewable energy, agriculture and mulberry, handloom, handicrafts and horticulture.

The multinational company ‘Lulu Group’ has already started importing apples from Kashmir in the Middle East market and have also committed to set up a processing unit in the valley.

In February 2021, the Government of India (GoI) had approved a new Industrial Developmental Scheme with an outlay of Rs 28,400 crore to give a major push to the economy of the region and providing huge employment opportunities to the people.

The scheme is made attractive for both smaller and larger units. Smaller units with an investment in plant and machinery up to Rs 50 crore will get a capital incentive up to Rs 7.5 crore and a capital interest subvention at the rate of 6 per cent for a maximum of 7 years.

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