Business Daily from THE HINDU group of publications
Friday, Aug 25, 2006
Business Daily from THE HINDU group of publications Friday, Aug 25, 2006 |
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Industry & Economy
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Tourism Corporate - Venture Capital States - West Bengal Express Eco-tourism ropes in VC firms Our Bureau
The project would be spread over 800 sq km; the number of direct and indirect beneficiaries of the project could be around 5 lakh.
Kolkata , Aug. 24 Express Eco-tourism Pvt Ltd (EEPL) has roped in two overseas venture capital firms — Eunyork International Inc of the US and Inger Vertribs GmbH of Germany — as partners in the Rs 108-crore `Sundorbon Ecoworld' project. The two venture capital firms will together pick up a 50 per cent equity stake in EEPL, a company that has been promoted by Express Advisory Services Pvt Ltd for implementation of the Sundorbon Ecoworld project. The individual share of the two venture capital firms in the proposed equity participation is not yet finalised.
`Unique blend'
According to Mr Rupam Banerjee, Vice-President of EEPL, the Sundorbon Ecoworld project was conceived as a "project of sustainable tourism" and its epicentre would be the Sundarbans Biosphere Reserve. It would be spread over 800 sq km of land, even as the number of direct and indirect beneficiaries of the project could be around 5 lakh. "The project is a unique blend of business economics, ecology, nature and environment, and well being of the local people and their livelihood," Mr Banerjee said. The project envisages the setting up of resorts, low-budget tourist camps, 50-bed hospitals in two locations and a research institute for study on issues such as environmental impact, agriculture in saline water, eco-fishing, etc. The project would also have a state-of-the-art weather analysis and forecasting unit, an astronomical laboratory and an FM broadcasting station that would focus on advisory services and cultural conservation.
Preliminary work begins
Preliminary work on the project has started. To begin with, a GIS-based resource map of the region was being prepared. This would be followed by an environmental impact statement and an environment impact assessment. The actual implementation work would begin about one year after the receipt of necessary clearances from statutory authorities. The project was expected to be operational from three-and-a-half years thereafter.
Outsourcing projects
Day-to-day operations and maintenance of different facets of the projects would be outsourced. Mr Banerjee said talks were under way with the West Bengal Government with a view to securing its participation in the project. "We have approached the State Tourism and Forests departments and have sought their participation in the project," he said.
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