Financial Daily from THE HINDU group of publications
Friday, Oct 21, 2005
Financial Daily from THE HINDU group of publications Friday, Oct 21, 2005 |
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Corporate
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New Projects Salim Group plans Rs 250-cr motorcycle plant in Bengal Our Bureau
STAGING A PROTEST: The Trinamool Congress leader, Ms Mamata Banerjee, at the gate of Taj Bengal hotel protesting the visit of Indonesian Salim Group's chief Mr Benny Santoso, on Thursday in Kolkata. - A. Roy Chowdhury
Kolkata , Oct. 20 AS part of its long-term investment plans for West Bengal, the Salim Group of Indonesia will invest Rs 250 crore in a motorcycle manufacturing facility at Uluberia in adjacent Howrah district. The investment may be ramped up later, if required. This was announced by the state Chief Minister, Mr Buddhadeb Bhattacharjee, at Writers' Buildings here on Thursday after a scheduled meeting with a high-level delegation from the Salim Group. Mr Benny Santoso, Chief Executive of the Salim Group, was also present during the media briefing. Mr Bhattacharjee said the Salim Group would form a wholly-owned subsidiary for the purpose. It would be named Mahabharat Motorcycle Co Pvt Ltd and the motorcycles that would be manufactured would be sold under the `Arjun' brand name. Land covering 65 acres had been identified at Uluberia and would be handed over to the Salim Group for setting up the motorcycle plant. On its part, the Salim Group on Thursday handed over to the State Government a sum of Rs 3.82 crore as payment towards 50 per cent of the cost of the land that would be acquired. Soil testing on the plant site would begin next month and construction of the plant would begin in January 2006. Production of motorcycles would begin after 18 months thereafter. A `remunerative price' would be paid to those people whose land was acquired and one member of each family whose land was acquired would be provided with employment at the motorcycle plant. According to Mr Bhattacharjee, the motorcycle plant would provide direct employment to 1,000 people to begin with. At a later date, this figure could well go up to 3,000. Local companies would be engaged for sourcing components for the project even as talks were on with Exide Industries for sourcing of batteries. Mr Bhattacharjee said specifics with regard to other proposed projects of the Salim Group, such as the setting up of a health city, knowledge city, industrial city and a road-building project were being worked out. The detailed project reports in respect of these proposed projects would have to be completed before investments could be announced. Speaking briefly to reporters, Mr Santoso said the Salim Group was open to the idea of partnering with Indian companies at a later date. A listing on Indian bourses at a later date was also not ruled out.
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