Business Daily from THE HINDU group of publications
Tuesday, Jun 27, 2006
Business Daily from THE HINDU group of publications Tuesday, Jun 27, 2006 |
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Corporate
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New Projects States - West Bengal ITC plans Rs 1,000-cr investment in Bengal Our Bureau
Plans ahead Proposed investments would be made in areas such as agri-business, hotels, cigarettes, logistics and IT. An investment of Rs 350 crore would be made on expansion of ITC Shonar Bangla, the group's existing five-star hotel.
Kolkata , June 26 ITC Ltd has proposed to invest Rs 1,000 crore on a number of projects in West Bengal. The Chairman, Mr Y.C. Deveshwar, today met the West Bengal Chief Minister, Mr Buddhadeb Bhattacharjee, at Writers' Buildings here and unveiled the company's investment plans in the State. He also requested the State Government for land for setting up the proposed projects. Speaking to newspersons after his meeting with the Chief Minister, Mr Deveshwar said the proposed investments would be made in areas such as agri-business, hotels, cigarettes, logistics and IT. According to him, plans for the agri-business sector would veer round farmers, fruits and vegetables. Cold chains would be set up even as the business model would encompass wholesale and cash-and-carry facilities. The company would enter into buyback arrangements with farmers as well, he said. Mr Deveshwar said an investment of Rs 350 crore would be made on expansion of ITC Shonar Bangla, the group's existing five-star hotel here. The setting up of a new hotel has also been proposed. An additional 10 acres of land would be required for this purpose. He said Rs 300 crore would be invested in the expansion of ITC's cigarette factory at Khidderpore in Kolkata. The company has also proposed the setting up of a biscuit factory and a logistics hub. The implementation of both these projects would require 20 acres of land each. The biscuit factory would be located "preferably around Kolkata" while the logistics hub would be located either on the national highway that links the State to Mumbai or the one that links it to Delhi. ITC has also asked for 50 acres of land for rolling out its IT project here. Over time, the IT facility would engage "up to 1,000" professionals, Mr Deveshwar said. Asked by what time frame the proposed investments would be made, he said it depended upon "how much assistance we get from the State Government".
More Stories on : New Projects | Diversified | I T C Ltd | West Bengal
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