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Got investment proposals worth Rs 3.42 trillion: Mamata Banerjee at Bengal summit

ONGC said it is planning to invest around Rs 1,500 crore in the next three-four years on exploration and extraction projects in the state.

Speaking at the valedictory session of the BGBS, Banerjee said the two-day summit achieved a “remarkable success” as during the event a total of 137 Memoranda of Understanding (MoUs) and Letters of Intent (LoIs) were signed for the proposed investments.
Speaking at the valedictory session of the BGBS, Banerjee said the two-day summit achieved a “remarkable success” as during the event a total of 137 Memoranda of Understanding (MoUs) and Letters of Intent (LoIs) were signed for the proposed investments.

West Bengal chief minister Mamata Banerjee on Thursday said the state received investment proposals worth Rs 3.42 trillion during the sixth Bengal Global Business Summit (BGBS), and this amount of investment will help the state create around 40 lakh new jobs across sectors.

Speaking at the valedictory session of the BGBS, Banerjee said the two-day summit achieved a “remarkable success” as during the event a total of 137 Memoranda of Understanding (MoUs) and Letters of Intent (LoIs) were signed for the proposed investments.

“Pandemic will come and go. But our life and livelihood are most important. This summit has been a remarkable success. It is the global industrial festival. It is the festival for industry,” the chief minister said, adding around 500 foreign delegates from 42 countries attended the event.

“Invest more and more in Bengal. If you invest more and more here, Bengal would surely become the top industrial state” she told industrialists. She informed me that the next BGBS will be a three-day event, which will commence on February 1, 2023.

Banerjee informed that a task force will be set up under the chief secretary of the state for speedy implementation of industrial projects. During the event, sectoral committees were formed and these committees will be co-chaired by industrialists in the fields of agriculture and allied services, MSME, exports, services sector and tourism. “These committees will meet once a month and give suggestions on policy changes for the creation of more jobs and investment opportunities. And, the state’s industrial promotion board will discuss the policy changes suggested by these panels,” she added.

On Thursday, GAIL said its joint-venture company Bengal Gas Company (a joint venture of GAIL (74%) and Greater Calcutta Gas Supply Corporation) will invest around Rs 5,000 crore in West Bengal. GAIL is currently implementing projects worth over Rs 4,000 crore in the state.

ONGC said it is planning to invest around Rs 1,500 crore in the next three-four years on exploration and extraction projects in the state.

On the first day of the summit, Gautam Adani, chairman, Adani Group, who attended the BGBS for the first time, said his group will invest over Rs 10,000 crore over the next 10 years in Bengal and this investment will help the state create employment opportunities for 25,000 people.

Sajjan Jindal, chairman, JSW group, said the group is looking at setting up a 900 MW pump storage hydel power project in the state and also setting up a rolling shop for the steel industry near Kolkata. Jindal, however, did not reveal the investment amounts.

The Hiranandani Group is looking to set up a data centre in Bengal. Besides, it is also looking to set up an industrial and logistics park across 100 acres of land. Niranjan Hiranandani, MD, Hiranandani Group, said the group is also looking at investing in natural gas infrastructure across five districts in the state.
ITC chairman Sanjiv Puri said the company will soon start building its 20th plant in the state. ITC now has 19 manufacturing units in the state.

TV Narendran, MD, Tata Steel, said the company is in the process of doubling its capacity in one of its plants in West Bengal at an investment of Rs 600 crore.

“Now, my destination is industry. We will be successful here. We want to make Bengal no. 1 in the industry for generating huge employment. Whatever land is required for industry, is available in the state,” chief minister Banerjee said, speaking at the event on Wednesday. “Not less than 1.5 crore of employment will be generated in the coming years,” she added.

The chief minister said investment proposals worth around Rs 12 lakh crore were received between 2015 and 2019 in BGBS and they are under various stages of implementation. The last edition of the Bengal Global Business Summit was held in Digha in 2019.

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