The Hindu Business Line : Corporates reassure Bengal on investments

Kolkata, Oct 4 Even as the people of West Bengal are still recovering from the shocking exit of the prestigious Nano project from Singur, there appeared a silver lining in the dark clouds that had enveloped the State’s industrialisation drive. Big-ticket investors such as the Sajjan Jindal Group and the RPG Group reiterated their faith in the State and said they stood committed to their proposed investments here.

For Mr Sanjiv Goenka, Vice Chairman of RPG Group, the pullout of the Nano project was an “unfortunate incident”. However, it would not impact the Group’s committed investments in West Bengal. “As far as the RPG Group is concerned, it was and remains committed to investments in the State,” he said. The RPG Group has outlined an investment of Rs 12,500 crore in West Bengal – in power, carbon black and retail.

The Sajjan Jindal Group, which is setting up setting a 10 million tonnes an year integrated steel plant at Salboni near Kharagpur at an estimated cumulative investment of Rs 35,000 crore, said it remained committed to the project.

Mr Biswadip Gupta, Joint Managing Director of JSW Bengal Steel, the company which is setting up the project, said “while the Nano pullout is hugely disheartening, we have to accept it and move forward.”

“We need to take lessons from what has happened. First, we must not rush into any process of industrialisation without engagement and discussions with all stakeholders. Second, detailed care and attention must be given to ongoing projects to ensure that they do not face any problems. And finally, we must do whatever it takes to rebuild the ‘Brand Bengal’ image,” said Mr Gupta.

Mr Sanjay Budhia, President of Indian Chamber of Commerce, expressed disappointment: “Having come so far, they had to roll back the project when it was nearing completion. This comes as a loss of face and erodes the credibility of West Bengal as an investment destination,” he said.

Mr I. Sen, Managing Director of a leading industry group having pan-Indian operations, felt the Nano pullout was a huge setback to progress in the future. “We have gone back by many, many years now”, he said.

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