Bengal Global Business Summit generates investment proposals of Rs 2.19 trn

RIL's proposal to scale up Jio business would create job opportunities for 100,000 in the state

The fourth edition of the two-day annual business event, Bengal Global Business Summit, showcasing West Bengal as a favourable investment destination, ended with investment proposals to the tune of Rs 2.19 trillion, with major conglomerates like Reliance Industries (RIL), JSW Group, Adani Group, RP-Sanjiv Goenka Group, and several others expressing willingness to invest in the state. 

Even though the number was lower than last year’s Rs 2.35 trillion, West Bengal Chief Minister Mamata Banerjee said the figure would increase. The chief minister was pleased. In her concluding remarks, she stated: “That’s why everybody is saying it’s the Best Bengal. Yes, we are delighted.”

According to Banerjee, Reliance Industries’ proposal to scale up the Jio business and opt for manufacturing of set-top boxes and other electronics would create employment opportunity for 100,000 in the state.

On Tuesday, in his speech, RIL Chairman and Managing Director Mukesh Ambani had said: “Didi, under your leadership, West Bengal is becoming Best Bengal.”

If the stars of the inaugural session of the Bengal Summit were Ambani, ArcelorMittal Chairman and Chief Executive Officer L N Mittal, and JSW Group Chairman Sajjan Jindal, the concluding day belonged to Pranav Adani, director, Adani Enterprises.
 
Adani said he would like to replicate what the group had done in Mundra port in Bengal. The Adani group had revolutionised the entire port scenario in the state. He also wanted to participate in the renewable energy sector. The Adani Group also planned to invest Rs 7.5 billion in the state to double the capacity at its Haldia plant, from the current 1,600 tonne, while scaling up the packaging business from the current 1,200 tonne to 1,800 tonne. However, the investment proposals of Rs 2.19 trillion only include concrete proposals.

Adani said that given the opportunity, he would like to replicate the Mundra port model in the state as well as invest in renewable energy.

The Adani group is the country’s largest private port operator and has significant interests in power, Agri and other sectors.

Additionally, national carrier Air India, which stopped services from the Durgapur airport last year will be resuming operations from January 28 this year with scheduled flights to New Delhi.

Sajjan Jindal, JSW Group’s supreme had committed investments to the tune of Rs 100 billion (Rs 10,000 crore) on January 16, the inaugural day of the 2-day summit.

Additionally, ITC and the Hiranandani Group will be setting up one hotel each in the state.

App-based cab operators, Uber and Ola have also committed to create more employment in the state and an MoU between Uber and the state transport department was signed to create at least 100,000 employment opportunities in the state.

Other MoUs included academic collaborations, transportation and logistics commitments and others.

 In 2017, a total of Rs 2.35 trillion (Rs 2.35 lakh crore) investment proposals were received of which Banerjee claimed, 50 per cent has already seeped in as investments in West Bengal.