A renewable energy project by the RP-Sanjiv Goenka Group, an expansion of ITC’s hospitality footprint and a scaled-up thermal power venture by the JSW Group emerged as the headline commitments on Thursday at the Business and Industry Conclave hosted by the Mamata Banerjee government.
The event, a shorter version of the state’s flagship business summit and meant to project an investment-friendly image ahead of the Assembly elections, mostly drew industries that already have a strong presence in Bengal.
Recounting their journey so far, they committed to further investment in the presence of the chief minister, who promised zero interference from the government.
“Let the industrialists feel free… it is their duty to take care of business. It is not the duty of the government to interfere in every business. We want freedom for the industry,” Mamata said.
Mamata alluded obliquely to the alleged harassment of business groups by central agencies such as the income-tax authorities, Enforcement Directorate and the CBI.
Mamata argued that Bengal was a peaceful state, and that her government’s direct cash transfer programmes had helped create demand for business.
She reeled off her achievements in attracting investment and creating jobs across the state, aware that the perceived lack of economic opportunities in Bengal was a standard poll plank for her political rivals.
Sanjiv Goenka, chairman of the RPSG group, kicked off the conclave proposing fresh investments of ₹15,800 crore in renewable power, education and healthcare. This includes ₹12,000 crore towards a 5000MWh battery storage project and expansion in power distribution.
The project, which can potentially convert half of Calcutta’s electric supply to green power, is contingent on suitable land being made available.
After hearing Goenka out, Mamata directed chief secretary Manoj Pant, who was on the stage, to arrange for 350 acres of land at Uttarpara for the project and get the paperwork ready before the next cabinet meeting.
Goenka’s big-ticket announcement was followed by a surprise from ITC, which declared plans to build three hotels in Darjeeling, Kurseong and the Sundarbans if land was available. This was over and above ITC’s seven operating hotels and five in the pipeline — some of them in partnership — in Bengal, company chairman Sanjiv Puri announced. The investments in these three hotels will come from ITC itself, unlike many other projects that were developed by third parties.
Sharad Mahendra, CEO and joint MD of JSW Energy, made the next big move, upping the investment in the Salboni thermal power plant to ₹40,000 crore from the ₹16,000 crore announced earlier.
Mamata had flagged off construction for the 1,600MW plant in April in the presence of Sajjan Jindal, chairman of the JSW group. Mahendra said the plant would double its capacity to 3,200MW, given the demand.
Investment proposals came from UltraTech Cement, India’s largest cement maker, which announced a fourth cement plant in Bengal at a cost of ₹600 crore, among others.