The Telegraph
Since 1st March, 1999
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Decks cleared for multiplex on EM Bypass

Calcutta, Jan. 30: The West Bengal Industrial Development Corporation (WBIDC) has allotted a four-acre land on the EM Bypass to the Mani group for the construction of a multi-storeyed commercial centre.

The proposed centre will house a 13-storeyed IT park and a separate complex for a food park, business centre, hypermart and multiplex. The project, which is expected to be completed by 2007, will be built at an estimated cost of Rs 90 crore. “The four-acre Bengal Chemicals land on the EM Bypass has been sold to the Mani group for Rs 10 crore,” said WBIDC chairman Somnath Chatterjee. “Bengal Chemicals had been referred to the BIFR and required the money to avoid closure.”

The chairman and senior officials of the corporation also met a visiting Chinese delegation from the Tianjin Commission of Foreign Economics. “The delegation is interested in joint ventures for the development of ports, roads and tourism,” said Chatterjee. “The business delegation is also keen on a toy park project.”

The corporation has sanctioned term-loans of Rs 3.2 crore for a steel and a fly ash brick project, Chatterjee said. Two other cases, one from Balaji Steel and the other from Gayatri Minerals, are awaiting clearance from the executive committee.

Speaking on the financials for the nine months ended December 31, 2002, Chatterjee said: “The net profit for three quarters stands at Rs 533 lakh while operating profit has gone up by 729 per cent. Income has increased by 17 per cent during the period with a corresponding decrease in expenses by 41 per cent.”

WBIDC expects the gross income for 2002-03 to increase by 13 per cent and expenses to decrease by 573 per cent. “We have already disbursed Rs 50 crore till the end of January 2003 against a total disbursement of Rs 30 crore last year,” added Chatterjee. “The sanction up to January 2003 is Rs 111 crore as against Rs 45 crore last year.”

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