Chandigarh, Aug 4 (IANS): Welcoming the JK Group on its maiden foray into the state with a planned investment of Rs150 crore, Punjab Chief Minister Amarinder Singh on Wednesday handed over a letter allotting it 17 acres at a cost of around Rs 40 crore in the Hi-Tech Valley in Ludhiana.

The Group plans to set up a corrugated packaging paper manufacturing unit in the Cycle Valley.

This is the second big group entering Punjab with sizeable investment plans within a fortnight.

Recently, the Aditya Birla Group had purchased land and finalised two projects with an investment of Rs 1,500 crore in the state.

The Chief Minister assured the JK Group of his government's total support in the venture, and expressed the hope for more investments in the future.

He further assured the group of complete cooperated from his government in setting up their unit and also during commercial operations of the project.

Punjab, due to its pro-investor industrial policy and lucrative incentives, has now emerged as the most preferred investment destination in the country, the Chief Minister said.

'Invest Punjab', as a one-stop shop, has facilitated investments worth Rs 91,000 crore in over 2,900 project proposals received by the state in the past four years, he said, adding that of these nearly 50 per cent had already started commercial production.

He expressed the satisfaction over the state successfully attracting and retaining significant investments even during the Covid-19 pandemic.

The Group's unit will initially procure raw material, which is waste paper, from different parts of the country and supply finished goods, which is corrugated packaging paper, to industries in Punjab and other neighbouring states.

It will also provide a fillip to the waste paper industry ecosystem in the state, helping Punjab achieve its sustainability goals.