The proposal is expected to galvanise investments of around Rs 25,000 crore
Lucknow/Kolkata, February 23, 2018: Srei Advisory, a division of Srei Infrastructure Finance Limited ("Srei"), and the Government of Uttar Pradesh has signed a Memorandum of Understanding ("MoU") announcing a new co-operation agreement to rejuvenate Agra as an iconic tourist-cum-holiday destination. The proposal is expected to attract investments of around Rs 25,000 crore in the state of Uttar Pradesh. The MoU was signed between Srei Advisory and the Department of Infrastructure and Industrial Development, Government of Uttar Pradesh.
Agra is not just about the Taj Mahal. Srei Advisory will facilitate in developing the city into a unique tourist destination for all types of travellers. The project will accentuate Agra's historical, cultural and heritage contours, promote lesser known monuments and temples, and expand tourists' focal point from the Taj Mahal to all the three World Heritage sites in the city.
The project will create necessary infrastructure in hospitality, transport, city and river front beautification, logistic parks and warehousing with active support from the Government of Uttar Pradesh. Srei Advisory will also assist the state government and its agencies in mobilising resources and catalysing investments for creation of necessary physical, social, hospitality and recreational infrastructure. The project is expected to commence operations in financial year 2018-19, subject to necessary statutory approvals and clearances.
Commenting on the development, Dr. Ratiranjan Mandal, Senior Advisor, Srei Advisory, said: "The Taj Mahal draws millions of tourists to Agra every year. Hence, we have a responsibility to ensure that the city is as good as you have heard. Also, the Taj Mahal is not the sole attraction. The legacy of the Mughal Empire has left a magnificent fort and several mausoleums. We are delighted to partner the Government of Uttar Pradesh in positioning Agra as an iconic tourist-cum-holiday destination. We would be interested in more such opportunities to develop holistic infrastructure facilities in the state."
About Srei Infrastructure Finance Limited:
Srei Infrastructure Finance Limited ("Srei"), a Kanoria Foundation entity, is one of India's largest holistic infrastructure institutions, constantly and consistently delivering innovative solutions in the infrastructure sector. The company has been playing a significant role in nation-building for nearly three decades, both in urban and rural India. Srei's businesses include Infrastructure Project Finance, Advisory and Development, Infrastructure Equipment Finance, Alternative Investment Funds, Capital Markets and Insurance Broking. Srei is headquartered in Kolkata and has presence across India.