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Ambarish Mukherjee

Proposal now goes to CCEA for approval

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New Delhi Feb. 6 Despite the ongoing controversy over the acquisition of land in West Bengal for new industrial projects and setting up special economic zones (SEZs), the Foreign Investment Promotion Board (FIPB) has formally cleared Indonesia-based Salim Group's investments in the proposed SEZ at Nandigram in the East Midnapore district of the State.

The board has also cleared Salim's proposed investments in other projects that include townships, housing, industrial parks and related infrastructure, official sources said.

The matter is now to go to the Cabinet Committee on Economic Affairs (CCEA) since the proposed foreign direct investment inflows are in excess of Rs 600 crore.

Salim Group has committed a total investment of around Rs 20,000 crore over a number of years in West Bengal last year.

The investments would be done through a recently incorporated company New Kolkata International Development Private Ltd (NKID).

The company has entered into development agreement with the State Government and the West Bengal Industrial Development Corporation Ltd (WBIDC) to act as the developer for the proposed New Kolkata Project.

Salim group is one of the largest industrial groups of Indonesia and has already made investments in India in a project for developing an integrated township near Kolkata in a joint venture with a non-resident Indian, Mr Prasoon Mukherjee, promoter of the Universal Success Enterprise Ltd (USE group) and the Ciputra Group of Indonesia, the company has informed the FIPB, sources said. The USE group too has already made investments for developing an integrated township in Kolkata in a joint venture with the Salim and the Ciputra group.

The new company, NKID, has also obtained the necessary no objection certificate (NOC) from Kolkata West International City Private Ltd (KWIC) and its Indian partner Dhanalakshmi Abasan Private Ltd and submitted them to the board following which the proposal has been cleared by the board, sources said.

The FIPB has approved NKID's application seeking permission to act as an operating-cum-holding company to make downstream investments in Indian companies for developing various components at its integrated infrastructural projects comprising SEZs, townships, housing, industrial parks and related infrastructure either through wholly owned special purpose vehicles (SPVs) or joint venture with third parties, including WBIDC.

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More Stories on : Foreign Direct Investment | Policy | Infrastructure | West Bengal

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