Bengal Global Business Summit: Mukesh Ambani announces Rs 10,000 crore investmenthttps://indianexpress.com/article/india/bengal-global-business-summit-on-day-1-industrialists-announce-multi-crore-investments-5574844/

Bengal Global Business Summit: Mukesh Ambani announces Rs 10,000 crore investment

Reliance Industries chairman Mukesh Ambani led with a Rs 10,000 crore investment announcement for expansion of his company’s 4G network.

Bengal Global Business Summit: On Day 1, industrialists announce multi-crore investments
West Bengal Chief Minister Mamata Banerjee speaks with Reliance Industries Chairman Mukesh Ambani, during ‘Bengal Global Business Summit 2019’, in Kolkata (PTI)

The inaugural session of the 5th Bengal Global Business Summit (BGBS) Thursday saw industry heavyweights make several multi-crore investment announcements for the state while the government signed MoUs with Italy, Germany and the Republic of Korea.

Reliance Industries chairman Mukesh Ambani led with a Rs 10,000 crore investment announcement for expansion of his company’s 4G network.

Sajjan Jindal of JSW Steel declared, “We are doubling the capacity of our cement plant in West Bengal. You don’t have to think twice before investing in the state. We are also setting up a new museum in Bengal which will depict the history of Partition.”

Niranjan Hiranandani, MD of the Hiranandani Group, announced Rs 2000 crore worth of fresh investments. “H-Energy has completed the land acquisition and recently received permission to build a pipeline. The company aims to deliver gas to Haldia by 2022. This will bring Multi-crore investments pour in on first day of Bengal Global Business Summit down cost of manufacturing in the state and also provide gas to cities. We have already made Rs 3000 crore worth investments in the state. We will invest Rs 2,000 crore more in the next two years.”

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YK Modi of Great Eastern Energy Corporation Ltd. (GEECL) said they would invest Rs 15,000 crore in Bengal over the next five years.

“We have invested upto Rs 2,000 crore till now…We will provide clean gas not only to the region of Asansol-Durgapur but also Kolkata and other cities. When we face any problem, with the intervention of the chief minister and Dr Amit Mitra (state finance minister), it does not take more than 24 hours to solve them,” he added.

Sanjiv Puri, MD, ITC, said, “Investments worth Rs 4,000 crore in various sectors were announced in the earlier edition of BGBS and they have fructified in a short span of time. It shows the ease of doing business in Bengal. It is not a helicopter view but you can see it on the ground. We are taking our total investment in Bengal to Rs 5,700 crore.”
DP World, a global port operator from UAE, announced the development of Kulpi Port at an investment of Rs 3,000 crore.

The Adani Group will set up a port and logistics park in Bengal, said Chief Executive Officer (CEO) of the Adani Ports and Special Economic Zones (APSEZ) Karan Adani.

Purnendu Chatterjee, chairman of The Chatterjee Group announced three new research centres in West Bengal. “We had made a promise to set up a value-added park in Haldia, which we are inaugurating today. We are starting three new research centres in the areas of neuroscience, quantum technologies, artificial intelligence and blockchain. They will be operational in the next two months,” he said.

Coca Cola too announced that it would invest Rs 500 crore in the state.

Meanwhile, several foreign delegates also announced their desire to invest in Bengal. “Three state-to-state MoUs were exchanged between the government of West Bengal and Italy, Germany and the Republic of Korea in the inaugural session. Many more MoUs and MoAs are in the coming this summit in areas of economic cooperation, bilateral trade, business and social sector collaborations,” Chief Minister Mamata Banerjee tweeted.

Kim Yung-rok, Governor of Jeollanam-do Province, South Korea said, “Today we will sign two MoUs to promote economic cooperation to promote bilateral trade and cooperation.”

Fabrizio Sala, Lombardy vice-president and Minister for Research, Innovation, University, Export and Internationalisation, Italy, also shared an investment plan. “BGBS represents a milestone in institutional relations and bilateral talks. Lombardy and West Bengal will sign an MoU with special emphasis on manufacturing and industrial cooperation,” he said.

Prof Dr Andreas Pinkwart, State Minister for Economic Affairs and Energy of North Rhine-Westphalia, Germany, said, “I’m accompanied by a delegation comprising 25 companies and institutions who would love to collaborate with India, especially with Bengal. We are here with our soccer team too and would love to collaborate with your soccer team. We are here to sign an MoU. We will not only sign but work on fructifying it too.”

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Krzysztof Tchórzewski, Minister of Energy, Poland, said, “We have just signed an agreement with West Bengal.”