Punjab govt, Emaar-MGF to sign MoU

In order to attract foreign direct investment (FDI), the Punjab government has decided to sign an memorandum of understanding with the Emaar-MGF Pvt Ltd, a joint venture company formed by Dubai-based Emaar Properties and Delhi-based MGF Group.

"The Dubai-based company has got permission from the Central government to invest about Rs 5,000 crore in India. Emaar-MGF Pvt Ltd is interested in investments in real estate and mass transport infrastructure like roads and bridges" sources in the Punjab government said.

Under the MoU, the state will provide benefits like tax concessions and exemptions, speedy approval and clearance of projects to ensure proper response and cooperation from the state government for developmental projects.

The amount of the investment is not yet known.

Apart from this, the state government has also decided to exempt sports federations from paying taxes and duties for conducting national and international sports events in Punjab.