Srinagar, Mar 19: Jammu and Kashmir’s Lieutenant Governor Manoj Sinha Sunday laid the foundation stone for the first direct foreign investment project at Sempora area of Srinagar where a mega-mall will come up at the whopping Rs 250 crore.
Talking to reporters on the sidelines of the function, the LG said that today is the historic day for the J&K as the United Arab Emirates (UAE) based EMAAR Group has decided to invest Rs 250 Crore to set up a mega-mall on the 10 lakh square feet area at Sempora, Srinagar. “This is a moment of pride. The Emaar group will also invest in setting up IT towers in Jammu and Srinagar, besides the mall and total investment by the group will touch Rs 500 Crore,” he said as reported by news agency—Kashmir news Observer (KNO).
Earlier, addressing the gathering, the LG said that the investment made by the Emaar group is just a beginning. He urged the EMAAR group to ensure the completion of the mall within the shortest possible time.
The LG said that some people have a negative mindset in J&K and continue to criticize the government policies as they can’t digest the huge development taking place in the UT. “J&K has witnessed a huge sea change post August 5, 2019. The government land was kept under illegal possession by some people that was retrieved. The land retrieved will be used for setting up industries, playgrounds for youth and graveyards for the people,” he said.
The LG said that J&K was getting the cheapest power in the country. “J&K is the first place after Telangana to have first Women Entrepreneur Institute (WEI),” he said.