Tcg Plans Rs 3,200-Crore Complex In West Bengal

New York-based The Chatterjee Group (TCG), an affiliate of Soros Fund Management, has lined up a Rs 3,200 crore investment over the next ten years for building a software and industrial complex in West Bengal. The project will be implemented by Asian Gateway Ltd, a member of TCG.

The proposed software and industrial complex is expected to be accommodated within 318 acres of land for which the company has finalised a price of Rs 100 crore with the Calcutta Metropolitan Development Authority (CMDA). The site is located on the eastern metropolitan bypass, on the outskirts of Calcutta.

Addressing a press conference here yesterday, A K Mattoo, management consultant for the project, said, This project is a planners dream and we are sure it will become a reality. It may well put Calcutta back as the regional or headquarter location of a number of Indian and foreign companies.

 

The company is in the process of sealing the land transfer details the CMDA. Land development will begin six months from the date of formal handing over of land, Mattoo said. The company will also conduct an EIA study on the environmental impact of the project. The idea of the project is to attract leading players in the information technology (IT) industry to set up bases in the complex. The Chatterjee Group will make the initial investment of Rs 100 crore to secure the land for the project.

According to an estimate Asian Gateway Ltd, which will be setting up an IT tower in the complex, could ultimately attract over 1,00,000 jobs in IT and other related skills.

The phased master plan is designed for global business requirements offering advanced building systems. The complex would be completely self-sufficient with residential and commercial areas which would be offered for development by private entrepreneurs.

Among the contractors for the project are UK-based UrbaCon Developments Ltd, Studio U&A (UK) and Adamson Associates, Toronto. The project will be implemented by a team designers, consultants and developers with global expertise.

The proposed software complex will be the second major investment by the Chatterjee group in West Bengal. The group has a 22 per cent stake in the state government-promoted Haldia Petrochemicals project.

The group has identified hydrocarbon, power, software and real estate as thrust areas for expanding business operations in India. The group is working on a 500 mw power project in Madhya Pradesh and a polymer project on the west coast.

It is also exploring the possibility of setting up a large sized refinery project which is still at the thinking stage.