UAE investors sign MoUs worth $2.76 bn for projects in India's Odisha

03 Jul '22

2 min read

Pic: Naveen Patnaik/Twitter

UAE investors have signed memoranda of understanding (MoUs) worth $2.76 billion (₹21,800 crore) with the government of India’s Odisha state after meeting state chief minister Naveen Patnaik in Dubai. Patnaik recently concluded an investment roadshow in the city, including an Investor’s Meet, where he met some of UAE’s key business groups to attract foreign direct investment (FDI).

The business groups that met Patnaik included the Lulu Group, NBTC Group, Sharaf Group, Twenty Fourteen Holding and Tablez Group, ERAM Group, Sobha Group, Arab and India Spices LLC and Tabreed.

The Investors Meet was jointly organised with the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Embassy of India in the United Arab Emirates.

The announcement comes after the state approved more than 250 large-scale industrial and infrastructure project proposals worth $50 billion in sectors such as metals and metal downstream, chemicals and petrochemicals, textiles and apparel, food processing, logistics and clean energy in the last two years, UAE media reported.

The investment proposals include ₹1,500 crores investment by UAE-based multinational retail conglomerate Lulu Group International which signed a MoU to explore investment opportunities in Odisha to set up hypermarkets, shopping malls and agriculture and seafood sourcing and processing hubs in Bhubaneswar, Cuttack and Rourkela.

It was attended by more than 150 companies based out of the UAE and the Middle East and North Africa (MENA) region from various sectors. Leading industry associations from the region including Indian Business and Professional Council (IBPC) also participated in the event.

Fibre2Fashion News Desk (DS)

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