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

Financial Express
Jan 18, 2018

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.


Comments

Post a Comment

Popular posts from this blog

India Joins Russia in Voting Against West-Backed Move to Expand Powers of OPCW

The Wire: June 28, 2018 New Delhi: India voted against a UK-backed move that will allow the global chemical weapons watchdog to apportion blame for illegal attacks, criticising the decision to grant “unchecked powers” to the head of the group which could be used for “partisan” purposes. On Wednesday, more than two-thirds of the member states of the Organisation for the Prohibition of Chemical Weapons (OPCW) voted to authorise the international body to identify the perpetrators and sponsors of a chemical weapons attack. It also specifically called on the OPCW’s technical secretariat to begin work on identifying the perpetrators behind the use of chemical weapons in Syria. The draft decision, sponsored by 30 countries, was adopted at the fourth special session of the conference of the states parties to the Chemical Weapons Convention at the Hague, with 82 in favour and 24 negative votes. While Europe, the United States and their allies voted ‘yes’, there was strong oppo...
Read more

As financial insecurity rises in urban India, so does investment in insurance

Image
Scroll.in March 13, 2020 Urban Indians are becoming less confident about their financial security. Up to 58% of them fret over financial independence post retirement, which is a 4% increase from last year. An equal share of urban Indians worry about meeting their daily medical expenses and sustaining their current lifestyle once they stop working. The findings are part of a survey published by Delhi-based Max Life Insurance in association with London-based consultancy Kantar. The firms surveyed 7,014 respondents in 25 cities, including six metros, nine tier-1 cities, and 10 tier-2 cities, between December 2019 and January 2020. Source: Max Life Insurance via Quartz The trends Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz A significant share of urban Indians also say their families will have no financial support in the event of the breadwinner’s death. In such a scenario, around 57% believe the family sav...
Read more

ED tracks Swiss Bank A/Cs of Agusta scamster

The Poineer February 10,2019 Rakesh K Singh The Enforcement Directorate (ED) has tracked a dozen Swiss bank accounts in the name of Rajiv Saxena, who is key accused in the Rs 3,600 crore AgustaWestland VVIP chopper scam. The ED has also found out accounts held by  his family members and associates where the kickbacks in the now scrapped deal were allegedly parked. Two bank accounts are in the name of Rajiv Saxena’s  associates Pankaj Jain and Sumita Jain who are also the authorised signatories. The  third is in the name of another associate Ajit Singh Bubber, but Rajiv and his family members are authorised signatories. The remaining nine accounts are largely owned and operated by Rajiv, his family members and associates. Rajiv Saxena was deported by the UAE authorities on January 30 and the ED formally arrested him the next day and a court later granted his remand to the agency. He is currently undergoing custodial interrogation by the ED. The agency had in 2017...
Read more