Bengal means business! State gets whopping Rs 2.20 lakh crore investment proposals

By: | Published: January 18, 2018 5:27 AM

A special purpose vehicle, Bhor Sagar Port, was earlier formed to build the port and the Centre has estimated an investment of Rs 12,000 crore to create infrastructure such as rail and road connectivity.

West Bengal has received investment proposals worth around Rs 2.20 lakh crore for this year, West Bengal chief minister Mamata Banerjee said at the end of the two-day Bengal Global Business Summit on Wednesday. (PTI)

West Bengal has received investment proposals worth around Rs 2.20 lakh crore for this year, West Bengal chief minister Mamata Banerjee said at the end of the two-day Bengal Global Business Summit on Wednesday. Though the break-up of these investment proposals is yet to be made available, commitments poured in from Adani Group director Pranav Adani, JLL India CEO and country head Ramesh Nair, The Chatterjee Group (TCG) chairman Purnendu Chatterjee, and Future Group chairman Kishore Biyani on Wednesday, the concluding day of the event. While representatives from the Centre were notably absent, a top state government official said the Centre’s investment plan of Rs 8,000 crore for illuminating rural roads this year has been taken into account and the investment for developing a deep draughted port at Tajpur has also been factored in while calculating the proposed investment figures. The port at Tajpur is going to be a joint venture of the Kolkata Port Trust and the state government in which the state owns 24% stake. A special purpose vehicle, Bhor Sagar Port, was earlier formed to build the port and the Centre has estimated an investment of Rs 12,000 crore to create infrastructure such as rail and road connectivity.

JLL India will invest Rs 4,300 crore to create warehousing facility across West Bengal, using it as a spring board to serve north-east India and south east Asian countries. JLL’s Nair said a pipeline of MoUs is expected to be executed in the next three years and investments from the company would follow. The key markets across the state that would see the first phase of development include Dankuni, Alampur, Ulberia, Kalyani and Sirakol, and, mostly around Kolkata. Further, potential logistics nodes such as Asansol, Durgapur, Haldia and Siliguri would be seeing additional development in the next phases, he said. An official from the TCG Group, the largest FDI investor in West Bengal so far, said the group was committed to invest Rs 5,000 crore every year in its petrochemical business and was further exploring an opportunity to set up a refinery in the state after taking over Mitsubishi Chemicals PTA India from Japanese major Mitsubishi Chemical Corporation. Adani Wilmar, which runs an edible oil manufacturing unit in Haldia, will expand its facility. Pranav Adani committed to doubling investment in the state in the next five years to expand its refining capacity. Adani has so far invested Rs 750 crore in the Haldia unit.

Though he didn’t quote any investment figures, Biyani said in the next one year, the Future Group will make 40% expansion of its retail business in Bengal. In the next one year “we will have our presence in 29 towns and 14 districts,” Biyani said. Future Group currently has presence in 10 towns in 10 districts of the state. The company will also set up a garment making unit which would create 10,000 jobs. Its entire retail expansion is expected to create 55,000 jobs in the state. Chinese consul general in Kolkata Ma Zhanwu said the Chinese delegation looked for opportunities to develop business relations between their provinces and Indian states, but the delegation has not firmed up any plan for investment yet. Italy and Poland signed MoUs for cooperation in the areas of leather technology and mining, respectively.

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