Emaar-MGF to invest Rs 5,000 cr in Punjab

Punjab is likely to corner a lion's share of the Rs 9,000 crore (Rs 90 billion) investments planned in India by Emaar-MGF infrastructure group, a joint venture between Dubai-based realty major Emaar and Delhi-based MGF, Chief Minister Amarinder Singh said on Tuesday.

Singh, who visited the United Arab Emirates earlier this month, said the group would be investing about Rs 5,000 crore (Rs 50 billion) in the state for setting up a world-class township and sports complex in Mohali, besides a 2,000 mw power plant.

The state would hold discussions with Himachal Pradesh, Jammu and Kashmir and Uttaranchal for identifying a suitable site for the power plant.

Turning to revenue collections, Singh said the state's fiscal condition had improved and revenue earnings so far this fiscal had reached Rs 12,098 crore (Rs 120.98 billion) as compared to Rs 10,197 crore (Rs 101.97 billion) during the year-ago period.

Another, Rs 2,000 crore (Rs 20 billion) realisation is expected by the end of this fiscal, he said, adding that the net increase at the end of the fiscal would be around Rs 1,000 crore (Rs 10 billion).