The Hindu Business Line : Bengal gets Rs 2.15 lakh cr investment proposals

Positive outlook
Another Rs 50,000 crore investments in the anvil.
The State had the third largest State domestic product after Maharashtra and UP.
The steel sector has attracted investments amounting to Rs 56,400 crore.

Our Bureau

Kolkata, Nov 30 During the last 11 months (January-November), West Bengal has already attracted investment proposals worth Rs 2.15 lakh crore, and another Rs 50,000 crore investments are in the pipeline, said Mr Venugopal N. Dhoot, President of Assocham and Chairman of Videocon Group. He said corporates were making a beeline to invest heavily in sectors such as steel, real estate, oil and gas, retail and IT.

The Chamber has also decided to focus West Bengal at the second India-EU Summit in Brussels on December 3 and 4. Some 500 potential investors are expected to attend.

Addressing newspersons hereon Friday, after releasing the latest Assocham study on “Investments in West Bengal for the period January-November 2007 here, he said “these committed investments have happened despite Nandigram”.

State domestic product

According to him, the State had the third largest State domestic product after Maharashtra and Uttar Pradesh, with a State size of Rs 2,06,881 crore in 2006, and growing steadily to touch Rs 2,50,000 crore by the end of the current financial year.

Videocon Investments

Among these investments is the one by his own Videocon Industries Ltd of Rs 15,000 crore, including a steel and power venture in the Durgapur-Asansol area, and an IT Park in Salt Lake. Mr Dhoot disclosed that negotiations with some 250 farmers for acquiring some 2,000 acres of land in the Asansol area were nearly over, and the deal is expected to be signed within the next three months. A separate joint venture company with a US partner, titled ‘Videocon Steel and Power Ltd’ has already been formed for this purpose. It would be a 51:49 joint venture, with Videocon holding the majority stake.

He declined to name the US partner, saying this would be done only after all the loose ends are tied up.

Steel sector

Citing the rich mineral base of West Bengal, Mr Dhoot said the steel sector alone has attracted investments amounting to Rs 56,400 crore, accounting for a share of 28 per cent of the total investment. Investments to the tune of Rs 52,929 crore have been attracted by the booming real estate sector in the State, with leading companies such as DLF, Merlin Group, Shriram Properties, Ambuja Realty pitching in.

Oil refining

He ranked the oil refining sector as the third in the investment list, with IndianOil’s announced capex plans at Haldia of Rs 29,750 crore.

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