The Hindu Business Line : Foreign cos keen on investing in Bengal: CM

THE West Bengal Government has received several proposals from foreign companies who are willing to join hands with the State authorities for infrastructure development projects.

This was announced by the Chief Minister, Mr Buddhadeb Bhattacharjee, at the inauguration of the City Centre, a confluence of shopping mall, cineplex, entertainment areas, food court, offices and residences.

According to Mr. Bhattacharjee, several organisations from Malaysia, Indonesia and Singapore have submitted proposals for housing development projects. They are even willing to set up satellite townships. "We welcome such foreign investments as we believe that for infrastructure development, private capital is as important as public money. We are constantly in dialogue with these companies. A final decision on this matter will be taken shortly," Mr Bhattacharjee said.

A few months back, the Government announced the private-public partnership scheme wherein the State Government will join hands with private companies for infrastructure development projects. The areas identified were housing, roads and health, among others.

The State Government has also succeeded in forming several joint ventures with the private companies for housing projects. All these joint sector companies are building several housing complexes all over the State.

The City Centre has been built by Bengal Ambuja Metre Development Ltd, a joint venture company between the cement major, Gujarat Ambuja Cements, and the Kolkata Metro Development Authority.

It is located in Salt Lake and spread over six acres. The total cost of the project was Rs 120 crore and it was funded through promoters' contributions, loans from banks and financial institutions and money from the owners of the properties in City Centre.

According to Mr Harsh Neotia, Director of Gujarat Ambuja, this joint sector company has already recorded a surplus after completing its first project. As a result, it has declared interim dividend.

During the inaugural function, Bengal Ambuja Metro Development Authority handed over Rs 2 crore to the Chief Minister as Government share of the interim dividend.

The company is looking at a similar project in Rajarhat, another satellite township coming up in the eastern fringes of the city. The total built-up area of the City Centre is 5.5 lakh square feet, of which 4 lakh sq feet is for commercial activity and the rest for residential purpose.

The architect of the project was Mr Charles Correa and it was completed within 22 months.

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