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Bengal secures over Rs 40k cr investment proposals on Day 1 of business summit

IANS  |  Kolkata 

has bagged over Rs 40,000 crore worth of investment proposals on the opening day of the flagship business summit, which was inaugurated by state Minister on Thursday.

Over 4000 delegates from over 36 countries are participating in the two-day summit, being held at the in Rajarhat here.

Addressing the fifth edition of the investors' meet, said the group has firmed up Rs 10,000 crore of investments in West Bengal, which is already under implementation.

"In 2016, when I first attended the Bengal Global Business Summit, Reliance's investments in the state were Rs 4,500 crore. Today, our investments stand at Rs. 28,000 crore in alone," he said.

Ambani said this accounts for about one-tenth of our total investments in so far.

"Now, we have firmed up our plan for a further investment of over Rs 10,000 crore. This plan is already under implementation," he said.

FMCG also proposed to make new investments of Rs 1,700 crore in the state in its various businesses.

The company's committed investments in the state, with an outlay of Rs 4,000 crore across agriculture, and services, are "a reality and on the ground", said its

"...we propose to make new investments of Rs 1,700 crore in the near future, taking our recent total investments to Rs 5,700 crore (in the state), which includes a FMCG facility, investments in the capacity in Tribeni to substitute imports, expansion of the and others as well as milk productivity improvement and procurement programme across 300 villages in the state," he said.

felt that could become a trillion-dollar economy by 2032 and the group is in the process of "doubling" the capacity of its to 4.8 million tonnes per annum at Salboni in district.

According to state officials, the group proposed an investment of Rs 7,000 crore (one billion dollar) in a pump storage (electricity) facility but the venue for the project has not yet been announced.

H-Energy, part of the Hiranandani Group, also announced a prospective investment of Rs 2,000 crore towards new in the state.

"...we have already committed investment of Rs 3,000 crore in this sector and we also bid for pipelines, which will add another Rs 2,000-crore investments in the next couple of years," Goup's said.

(GEECL), leading Indian coal bed methane (CBM) company, recently announced an upgrade in its resources at its Raniganj (South) block.

It is planning to take up the initial exploration programme for exploiting shale in its block after the allowed exploration and exploitation of all types of hydrocarbons including shale resources under the existing CBM contracts.

"We have invested close to Rs 2,000 crore and our reserves are around 2.6 tcf. The has allowed from our licence. Our company has decided to go ahead with this," company's said.

He further said: "We have done our preliminary studies and found that 6.63 tcf of gas is available in our block, which means we will have about 9.25 tcf of gas... To exploit this, huge capital is needed. The investment would be around Rs 15,000 crore in the next 5-6 years to complete this project."

Sharing his experience of investing in the state, RP Group's Chairman said the group, which invested Rs 23,000 crore over the last few years, found these investments fruitful.

He said the leadership in West Bengal is "clear and decisive" while the administration is "transparent".

Another Rs 500 crore worth of investments is being considered by and the details about the project are awaited, said.

Construction of the riverine port at Kulpi at an investment of Rs 3,000 crore is expected to start with UAE's expressing interest in it, he said.

Luxmi Tea's also announced a Rs 350-crore health-city project in the state.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 07 2019. 23:40 IST