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Bengal business summit 2019: Indian Inc promises to invest over 40,000 crore

Chief Minister Mamata Banerjee-led West Bengal government has secured investment proposals worth over Rs 40,000 crore on the first day of the flagship business summit which started on Thursday.

At least ten partner countries, over 32 nation across the globe and big delegations from India participated in the summit that got underway Thursday, suggested media reports.

According to the media report, the state government, in the fourth edition of the event in 2018, had secured investment commitment worth USD 145.93 billion.

Mukesh Ambani, Chairman, and Managing Director, Reliance Industries has proposed to make an additional investment of Rs 10,000 crore in the digital space of the state for expansion of his Reliance Jio’s 4G network. His company has already invested Rs 28,000 crore in the state, which is the biggest investment in the digital space of West Bengal so far.

Speaking at the Summit, Ambani said that the plan to invest Rs 10,000 crore more is already under implementation. He added that in 2016 when he first attended the summit, Reliance’s investment in the state was to the tune of Rs 4,500 crore.
Sanjiv Puri, MD, ITC, said the group will invest Rs 1,700 crore to set up a new personal care products plant and upgrade its current facilities in the state.

Sajjan Jindal, chairman and managing director of the JSW Group, said the group is planning to double the capacity of a cement plant in West Bengal and is considering to set up a steel plant worth Rs 50,000 crore, but could not finalize it due to lack of raw material.

Great Eastern Energy Corporation Ltd. (GEECL) has proposed to invest Rs 15,000 crore in West Bengal over the next five years.

Among other Indian companies, Hiranandani Group has announced to make a fresh investment of Rs 2000 crore in the state.

Karan Adani, Chief Executive Officer, Adani Ports, and Special Economic Zones has said the group will set up a port and logistics park in Bengal.

Among the global delegates, Coca Cola has announced to invest Rs 500 crore and UAE-based DP World proposes to develop Kulpi Port at an investment of Rs 3,000 crore.