Rs.2.35L cr takeaway from biz summit

Bengal Chief minister Mamata Banerjee made it clear that demonetisation had failed to dampen the spirit of the 3rd Bengal Global Business Summit while announcing investment proposals worth Rs.2.35 lakh crore on the concluding day of the event.
Till the previous evening, investment proposals had touched only Rs.30,000 crore. Central government investments, including expansion of Metro rail projects in Kolkata and suburbs worth Rs.23,590 crore has been included in the list of proposed projects that include proposals in sectors like manufacturing, infrastructure, MSME, urban development, transport, IT, telecom and hospitality.

Manufacturing and infrastructure took the lead with proposed investment of Rs.61,765 crore, followed by medium, small and micro enterprises sector. The biggest proposal came from Chinese firm TEB Technology , that will invest Rs.27,200 crore in Texmaco to manufacture MRTS rakes. Currently, TEB operates MRTS in Beijing and Philadelphia. The next biggest was in infrastructure and real estate where Shapoorji Pallonji group has committed Rs.24,000 crore. One of the big-ticket investments is an industrial growth corridor triangle for Rs.22,000 crore. The other major proposals include Howrah MSME hub for Rs.18,000 crore, Rs.12,500 crore by Reliance in telecom, Tajpur port for Rs.12,000 crore, RP-SG Group investment in FMCG for Rs.10,000 crore, truck terminal and Paribahan Nagar at Rajarhat for Rs.10,000 crore and theme-based township by Ambuja for Rs.10,000 crore and Rs.12,000 crore investment by Reliance in telecom infrastructure. Interestingly, unlike last year where a lot of projects was announced by the Centre, this time majority was from private entrepreneurs and that include a fair amount of foreign direct investments. Besides TB Technologies, FDI may come from Cedrus of Russia, Auto Haus of China, ATTIVO and in mining.

Mamata did not elaborate on the investments but mentioned about an MoU between Handong University of Korea and West Bengal Housing Infrastructure Development Corporation for green cities, Norway showing interest in maritime projects, Italy keen on leather and manufacturing and Japan on drinking water project.

Referring to the past two editions of BGBS in which the state had received proposals worth over Rs.4.93 lakh crore, the CM said 40% were in the implementation stage.

Later state finance and industries minster Amit Mitra said that success of a business summit largely depends on business to business meetings and in case of BGBS this time, 425 B2B meetings were held.

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